Portfolio of investments—January 31, 2021 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Agency securities: 0.95% | ||||||
FHLMC (5 Year Treasury Constant Maturity +2.08%) ± | 3.34% | 9-1-2032 | $ | 418,632 | $ 421,936 | |
FHLMC | 8.50 | 7-1-2028 | 16,371 | 18,678 | ||
FHLMC Series 1383 (1 Year Treasury Constant Maturity +2.25%) ± | 2.55 | 2-1-2037 | 82,779 | 87,633 | ||
FHLMC Series 2012-K17 Class B 144A±± | 4.32 | 12-25-2044 | 675,000 | 694,700 | ||
FHLMC Series 2012-K18 Class B 144A±± | 4.22 | 1-25-2045 | 810,000 | 834,977 | ||
FHLMC Series 2013-K30 Class B 144A±± | 3.56 | 6-25-2045 | 700,000 | 743,046 | ||
FHLMC Series 2390 Class FD (1 Month LIBOR +0.45%) ± | 0.58 | 12-15-2031 | 10,767 | 10,787 | ||
FHLMC Series 2567 Class FH (1 Month LIBOR +0.40%) ± | 0.53 | 2-15-2033 | 31,748 | 31,213 | ||
FHLMC Series 3987 Class CI ♀ | 3.50 | 6-15-2026 | 2,579,417 | 70,328 | ||
FHLMC Series K016 Class X1 ♀±± | 1.48 | 10-25-2021 | 311,221 | 1,251 | ||
FHLMC Series K020 Class X1 ♀±± | 1.34 | 5-25-2022 | 5,789,174 | 80,726 | ||
FNMA (6 Month LIBOR +1.64%) ± | 2.52 | 9-1-2037 | 19,737 | 19,806 | ||
FNMA | 6.00 | 4-1-2033 | 51,800 | 54,181 | ||
FNMA | 7.50 | 2-1-2030 | 10,568 | 10,649 | ||
FNMA | 7.50 | 9-1-2030 | 14,804 | 14,919 | ||
FNMA Series 1997-20 Class IO ♀±± | 1.84 | 3-25-2027 | 121,766 | 2,264 | ||
FNMA Series 2001-25 Class Z | 6.00 | 6-25-2031 | 52,991 | 59,904 | ||
FNMA Series 2001-35 Class F (1 Month LIBOR +0.60%) ± | 0.73 | 7-25-2031 | 2,694 | 2,714 | ||
FNMA Series 2001-57 Class F (1 Month LIBOR +0.50%) ± | 0.63 | 6-25-2031 | 2,712 | 2,737 | ||
FNMA Series 2002-77 Class FH (1 Month LIBOR +0.40%) ± | 0.53 | 12-18-2032 | 16,964 | 16,977 | ||
FNMA Series 2002-97 Class FR (1 Month LIBOR +0.55%) ± | 0.68 | 1-25-2033 | 4,405 | 4,433 | ||
FNMA Series G92-17 Class F (1 Month LIBOR +1.05%) ± | 1.18 | 3-25-2022 | 986 | 986 | ||
GNMA | 6.50 | 6-15-2028 | 14,583 | 16,250 | ||
GNMA Series 2019-H06 Class HI ♀±± | 1.75 | 4-20-2069 | 5,450,370 | 256,220 | ||
Total Agency securities (Cost $3,268,542) | 3,457,315 | |||||
Asset-backed securities: 0.57% | ||||||
Asset-Backed Funding Certificates Series 2003-AHL1 Class A1 | 4.18 | 3-25-2033 | 130,132 | 132,811 | ||
Bear Stearns Asset Backed Securities Series 2002-2 Class A1 (1 Month LIBOR+0.66%) ± | 0.79 | 10-25-2032 | 100,360 | 99,712 | ||
CVS Pass-Through Trust Series T | 6.04 | 12-10-2028 | 383,867 | 444,676 | ||
Five Guys Funding LLC Series 17-1A Class A2 144A | 4.60 | 7-25-2047 | 992,500 | 1,034,648 | ||
Mesa Trust Asset Backed Certificates Series 2001-5 Class A (1 Month LIBOR+0.80%) 144A± | 0.93 | 12-25-2031 | 6,298 | 6,264 | ||
Montana Higher Education Student Assistance Corporation Series 2012-1 Class A2 (1 Month LIBOR+1.00%) ± | 1.15 | 5-20-2030 | 243,601 | 244,321 | ||
Student Loan Consolidation Center Series 2011-1 Class A (1 Month LIBOR+1.22%) 144A± | 1.37 | 10-25-2027 | 129,408 | 130,195 | ||
Total Asset-backed securities (Cost $2,055,830) | 2,092,627 |
See accompanying notes to portfolio of investments
Wells Fargo Multi-Sector Income Fund | 1
Portfolio of investments—January 31, 2021 (unaudited)
Shares | Value | |||||
Common stocks: 2.04% | ||||||
Energy: 2.04% | ||||||
Energy equipment & services: 0.84% | ||||||
Bristow Group Incorporated † | 126,416 | $ 3,060,531 | ||||
Oil, gas & consumable fuels: 1.20% | ||||||
Denbury Incorporated † | 133,818 | 3,828,533 | ||||
Whiting Petroleum Corporation † | 27,317 | 555,628 | ||||
4,384,161 | ||||||
Total Common stocks (Cost $7,603,171) | 7,444,692 |
Principal | ||||||
Corporate bonds and notes: 67.37% | ||||||
Communication services: 9.45% | ||||||
Diversified telecommunication services: 0.70% | ||||||
Cablevision Lightpath LLC 144A | 5.63% | 9-15-2028 | $ | 140,000 | 143,500 | |
Cablevision Lightpath LLC 144A | 3.88 | 9-15-2027 | 160,000 | 160,816 | ||
Frontier Communications 144A | 5.88 | 10-15-2027 | 180,000 | 193,446 | ||
Level 3 Financing Incorporated 144A | 3.63 | 1-15-2029 | 425,000 | 422,880 | ||
Level 3 Financing Incorporated 144A | 4.25 | 7-1-2028 | 375,000 | 384,266 | ||
Level 3 Financing Incorporated | 5.38 | 1-15-2024 | 700,000 | 700,630 | ||
Windstream Corporation 144A | 7.75 | 8-15-2028 | 530,000 | 536,625 | ||
2,542,163 | ||||||
Entertainment: 0.44% | ||||||
Live Nation Entertainment Incorporated 144A | 3.75 | 1-15-2028 | 220,000 | 221,971 | ||
Live Nation Entertainment Incorporated 144A | 5.63 | 3-15-2026 | 228,000 | 233,985 | ||
Live Nation Entertainment Incorporated 144A | 6.50 | 5-15-2027 | 1,025,000 | 1,138,683 | ||
1,594,639 | ||||||
Interactive media & services: 0.15% | ||||||
Rackspace Technology Company 144A | 5.38 | 12-1-2028 | 550,000 | 573,375 | ||
Media: 7.51% | ||||||
Block Communications Incorporated 144A | 4.88 | 3-1-2028 | 150,000 | 155,063 | ||
CCO Holdings LLC 144A | 4.50 | 8-15-2030 | 3,000,000 | 3,159,360 | ||
CCO Holdings LLC 144A | 4.50 | 5-1-2032 | 250,000 | 260,055 | ||
CCO Holdings LLC 144A | 5.00 | 2-1-2028 | 150,000 | 157,575 | ||
CCO Holdings LLC | 5.13 | 5-1-2027 | 450,000 | 473,157 | ||
Charter Communications Operating LLC | 5.05 | 3-30-2029 | 675,000 | 807,040 | ||
Cinemark USA Incorporated | 4.88 | 6-1-2023 | 2,431,000 | 2,336,799 | ||
Cinemark USA Incorporated | 5.13 | 12-15-2022 | 876,000 | 856,290 | ||
Cinemark USA Incorporated 144A | 8.75 | 5-1-2025 | 75,000 | 80,554 | ||
Consolidated Communications 144A | 6.50 | 10-1-2028 | 550,000 | 598,307 | ||
CSC Holdings LLC | 4.13 | 12-1-2030 | 225,000 | 230,040 | ||
CSC Holdings LLC | 4.63 | 12-1-2030 | 625,000 | 637,500 | ||
CSC Holdings LLC 144A | 5.38 | 2-1-2028 | 425,000 | 450,793 | ||
CSC Holdings LLC | 5.50 | 5-15-2026 | 1,275,000 | 1,322,443 | ||
Diamond Sports Group LLC 144A | 5.38 | 8-15-2026 | 675,000 | 545,063 | ||
Diamond Sports Group LLC 144A | 6.63 | 8-15-2027 | 1,300,000 | 825,500 | ||
Gray Television Incorporated 144A | 7.00 | 5-15-2027 | 325,000 | 355,209 | ||
Gray Television Incorporated 144A | 4.75 | 10-15-2030 | 600,000 | 596,445 | ||
Interpublic Group of Companies | 4.00 | 3-15-2022 | 750,000 | 776,953 | ||
Lamar Media Corporation | 5.75 | 2-1-2026 | 100,000 | 102,890 |
See accompanying notes to portfolio of investments
2 | Wells Fargo Multi-Sector Income Fund
Portfolio of investments—January 31, 2021 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Media (continued) | ||||||
Nexstar Broadcasting Incorporated 144A | 5.63% | 7-15-2027 | $ | 2,000,000 | $ 2,122,920 | |
Nexstar Broadcasting Incorporated 144A | 4.75 | 11-1-2028 | 450,000 | 463,500 | ||
Nielsen Finance LLC 144A | 5.63 | 10-1-2028 | 380,000 | 406,095 | ||
Nielsen Finance LLC 144A | 5.88 | 10-1-2030 | 1,800,000 | 1,999,665 | ||
Outfront Media Capital Corporation 144A | 4.63 | 3-15-2030 | 675,000 | 673,313 | ||
Outfront Media Capital Corporation 144A | 5.00 | 8-15-2027 | 25,000 | 25,770 | ||
Outfront Media Capital Corporation | 5.63 | 2-15-2024 | 20,000 | 20,210 | ||
QVC Incorporated | 4.75 | 2-15-2027 | 150,000 | 160,819 | ||
Salem Media Group Incorporated 144A | 6.75 | 6-1-2024 | 2,600,000 | 2,561,000 | ||
Scripps Escrow II Incorporated 144A | 3.88 | 1-15-2029 | 170,000 | 170,000 | ||
Scripps Escrow II Incorporated 144A | 5.38 | 1-15-2031 | 790,000 | 797,900 | ||
The E.W. Scripps Company 144A | 5.13 | 5-15-2025 | 1,840,000 | 1,876,800 | ||
The E.W. Scripps Company 144A | 5.88 | 7-15-2027 | 100,000 | 104,220 | ||
Townsquare Media Incorporated 144A | 6.88 | 2-1-2026 | 1,190,000 | 1,228,675 | ||
27,337,923 | ||||||
Wireless telecommunication services: 0.65% | ||||||
Sprint Capital Corporation | 8.75 | 3-15-2032 | 975,000 | 1,489,313 | ||
Sprint Spectrum Company 144A | 5.15 | 9-20-2029 | 750,000 | 872,430 | ||
2,361,743 | ||||||
Consumer discretionary: 8.16% | ||||||
Auto components: 0.75% | ||||||
Clarios Global LP 144A | 6.75 | 5-15-2025 | 50,000 | 53,266 | ||
Cooper Tire & Rubber Company | 7.63 | 3-15-2027 | 1,710,000 | 2,025,649 | ||
Goodyear Tire & Rubber Company | 5.13 | 11-15-2023 | 500,000 | 500,355 | ||
Panther BF Aggregator 2 LP 144A | 6.25 | 5-15-2026 | 125,000 | 133,021 | ||
2,712,291 | ||||||
Automobiles: 0.49% | ||||||
Ford Motor Company | 4.75 | 1-15-2043 | 1,500,000 | 1,513,956 | ||
Ford Motor Company | 9.00 | 4-22-2025 | 100,000 | 121,875 | ||
Ford Motor Company | 9.63 | 4-22-2030 | 100,000 | 141,719 | ||
1,777,550 | ||||||
Diversified consumer services: 2.03% | ||||||
Carriage Services Incorporated 144A | 6.63 | 6-1-2026 | 1,700,000 | 1,793,500 | ||
Prime Security Services Borrower LLC 144A | 3.38 | 8-31-2027 | 1,205,000 | 1,189,383 | ||
Service Corporation International | 7.50 | 4-1-2027 | 3,400,000 | 4,131,000 | ||
Service Corporation International | 8.00 | 11-15-2021 | 275,000 | 288,800 | ||
7,402,683 | ||||||
Hotels, restaurants & leisure: 2.57% | ||||||
Carnival Corporation 144A | 7.63 | 3-1-2026 | 1,210,000 | 1,279,575 | ||
Carnival Corporation 144A | 9.88 | 8-1-2027 | 425,000 | 487,688 | ||
Carnival Corporation 144A | 11.50 | 4-1-2023 | 800,000 | 907,672 | ||
CCM Merger Incorporated 144A | 6.38 | 5-1-2026 | 975,000 | 1,033,500 | ||
NCL Corporation Limited 144A | 5.88 | 3-15-2026 | 160,000 | 158,301 | ||
NCL Corporation Limited 144A | 12.25 | 5-15-2024 | 1,115,000 | 1,298,161 | ||
Royal Caribbean Cruises Limited 144A | 9.13 | 6-15-2023 | 1,400,000 | 1,510,250 | ||
Royal Caribbean Cruises Limited 144A | 10.88 | 6-1-2023 | 525,000 | 591,938 |
See accompanying notes to portfolio of investments
Wells Fargo Multi-Sector Income Fund | 3
Portfolio of investments—January 31, 2021 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Hotels, restaurants & leisure (continued) | ||||||
Wyndham Hotels & Resorts Company 144A | 5.38% | 4-15-2026 | $ | 1,875,000 | $ 1,919,531 | |
Yum! Brands Incorporated 144A | 7.75 | 4-1-2025 | 150,000 | 164,642 | ||
9,351,258 | ||||||
Multiline retail: 0.87% | ||||||
Macy's Incorporated 144A | 8.38 | 6-15-2025 | 675,000 | 747,563 | ||
Nordstrom Incorporated | 5.00 | 1-15-2044 | 1,175,000 | 1,158,155 | ||
Nordstrom Incorporated 144A | 8.75 | 5-15-2025 | 1,125,000 | 1,258,919 | ||
3,164,637 | ||||||
Specialty retail: 1.27% | ||||||
Asbury Automotive Group Incorporated | 4.75 | 3-1-2030 | 406,000 | 426,990 | ||
Asbury Automotive Group Incorporated | 4.50 | 3-1-2028 | 419,000 | 430,523 | ||
Group 1 Automotive Incorporated 144A | 4.00 | 8-15-2028 | 450,000 | 459,428 | ||
Lithia Motors Incorporated 144A | 4.38 | 1-15-2031 | 175,000 | 185,236 | ||
Lithia Motors Incorporated 144A | 4.63 | 12-15-2027 | 150,000 | 158,250 | ||
Lithia Motors Incorporated 144A | 5.25 | 8-1-2025 | 945,000 | 980,438 | ||
Macy's Retail Holdings Incorporated | 3.88 | 1-15-2022 | 600,000 | 599,514 | ||
Michaels Stores Incorporated 144A | 4.75 | 10-1-2027 | 555,000 | 568,875 | ||
Sonic Automotive Incorporated | 6.13 | 3-15-2027 | 775,000 | 815,688 | ||
4,624,942 | ||||||
Textiles, apparel & luxury goods: 0.18% | ||||||
The William Carter Company 144A | 5.50 | 5-15-2025 | 125,000 | 132,813 | ||
The William Carter Company 144A | 5.63 | 3-15-2027 | 500,000 | 528,125 | ||
660,938 | ||||||
Consumer staples: 1.09% | ||||||
Beverages: 0.19% | ||||||
Cott Beverages Incorporated 144A | 5.50 | 4-1-2025 | 675,000 | 695,459 | ||
Food & staples retailing: 0.10% | ||||||
PETSMART Incorporated 144A%% | 4.75 | 2-15-2028 | 185,000 | 185,000 | ||
PETSMART Incorporated 144A%% | 7.75 | 2-15-2029 | 185,000 | 185,000 | ||
370,000 | ||||||
Food products: 0.80% | ||||||
CHS Incorporated 144A | 6.00 | 1-15-2029 | 40,000 | 42,500 | ||
CHS Incorporated %% | 6.88 | 4-15-2029 | 1,230,000 | 1,243,838 | ||
Pilgrim's Pride Corporation 144A | 5.75 | 3-15-2025 | 1,305,000 | 1,334,493 | ||
Prestige Brands Incorporated 144A | 6.38 | 3-1-2024 | 280,000 | 285,600 | ||
2,906,431 | ||||||
Energy: 13.54% | ||||||
Energy equipment & services: 2.78% | ||||||
Bristow Group Incorporated ♦† | 6.25 | 10-15-2022 | 3,855,000 | 0 | ||
Era Group Incorporated | 7.75 | 12-15-2022 | 2,350,000 | 2,347,063 | ||
Hilcorp Energy Company 144A | 5.75 | 10-1-2025 | 1,875,000 | 1,917,188 | ||
Hilcorp Energy Company 144A | 5.75 | 2-1-2029 | 270,000 | 274,541 | ||
Hilcorp Energy Company 144A | 6.00 | 2-1-2031 | 270,000 | 274,050 | ||
Hilcorp Energy Company 144A | 6.25 | 11-1-2028 | 350,000 | 369,250 | ||
Oceaneering International Incorporated | 6.00 | 2-1-2028 | 1,725,000 | 1,604,250 |
See accompanying notes to portfolio of investments
4 | Wells Fargo Multi-Sector Income Fund
Portfolio of investments—January 31, 2021 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Energy equipment & services (continued) | ||||||
Pattern Energy Operations LP 144A | 4.50% | 8-15-2028 | $ | 2,300,000 | $ 2,432,480 | |
USA Compression Partners LP | 6.88 | 4-1-2026 | 850,000 | 888,420 | ||
10,107,242 | ||||||
Oil, gas & consumable fuels: 10.76% | ||||||
Aethon United 144A%% | 8.25 | 2-15-2026 | 1,225,000 | 1,252,563 | ||
Antero Midstream Partners LP 144A | 5.75 | 1-15-2028 | 1,020,000 | 1,020,000 | ||
Antero Resources Corporation | 5.00 | 3-1-2025 | 1,450,000 | 1,373,875 | ||
Antero Resources Corporation 144A | 8.38 | 7-15-2026 | 185,000 | 195,214 | ||
Apache Corporation | 4.38 | 10-15-2028 | 750,000 | 746,730 | ||
Apache Corporation | 4.75 | 4-15-2043 | 525,000 | 498,750 | ||
Archrock Partners LP 144A | 6.25 | 4-1-2028 | 150,000 | 153,188 | ||
Archrock Partners LP 144A | 6.88 | 4-1-2027 | 500,000 | 524,825 | ||
Boardwalk Pipelines LP | 4.80 | 5-3-2029 | 750,000 | 857,099 | ||
Buckeye Partners LP | 5.85 | 11-15-2043 | 1,125,000 | 1,122,188 | ||
Cheniere Energy Partners LP | 4.50 | 10-1-2029 | 400,000 | 430,000 | ||
Cheniere Energy Partners LP | 5.25 | 10-1-2025 | 1,000,000 | 1,026,250 | ||
Cheniere Energy Partners LP | 5.63 | 10-1-2026 | 300,000 | 312,105 | ||
Energy Transfer Partners LP | 5.20 | 2-1-2022 | 750,000 | 775,197 | ||
EnLink Midstream LLC 144A | 5.63 | 1-15-2028 | 170,000 | 169,681 | ||
EnLink Midstream LLC | 5.38 | 6-1-2029 | 950,000 | 907,250 | ||
EnLink Midstream Partners LP | 4.40 | 4-1-2024 | 450,000 | 445,500 | ||
EnLink Midstream Partners LP | 5.05 | 4-1-2045 | 1,575,000 | 1,259,669 | ||
EnLink Midstream Partners LP | 5.45 | 6-1-2047 | 950,000 | 760,000 | ||
EnLink Midstream Partners LP | 5.60 | 4-1-2044 | 750,000 | 601,875 | ||
Enviva Partners LP 144A | 6.50 | 1-15-2026 | 2,250,000 | 2,370,488 | ||
Harvest Midstream LP 144A | 7.50 | 9-1-2028 | 760,000 | 798,190 | ||
Indigo Natural Resources LLC 144A%% | 5.38 | 2-1-2029 | 280,000 | 276,500 | ||
Kinder Morgan Energy Partners LP | 3.95 | 9-1-2022 | 750,000 | 784,766 | ||
Kinder Morgan Incorporated | 7.42 | 2-15-2037 | 800,000 | 1,065,700 | ||
Murphy Oil Corporation | 5.75 | 8-15-2025 | 185,000 | 177,870 | ||
Murphy Oil Corporation | 5.88 | 12-1-2027 | 150,000 | 142,605 | ||
Nabors Industries Limited 144A | 9.00 | 2-1-2025 | 78,000 | 79,170 | ||
Occidental Petroleum Corporation | 4.63 | 6-15-2045 | 1,825,000 | 1,591,195 | ||
Occidental Petroleum Corporation | 6.20 | 3-15-2040 | 425,000 | 442,000 | ||
Occidental Petroleum Corporation | 6.45 | 9-15-2036 | 3,390,000 | 3,720,101 | ||
Occidental Petroleum Corporation | 6.60 | 3-15-2046 | 500,000 | 538,605 | ||
Phillips 66 | 4.30 | 4-1-2022 | 625,000 | 652,631 | ||
Plains All American Pipeline LP | 3.85 | 10-15-2023 | 750,000 | 800,944 | ||
Range Resources Corporation 144A | 8.25 | 1-15-2029 | 180,000 | 189,000 | ||
Range Resources Corporation | 9.25 | 2-1-2026 | 1,100,000 | 1,198,769 | ||
Rockies Express Pipeline LLC 144A | 6.88 | 4-15-2040 | 2,050,000 | 2,285,750 | ||
Rockies Express Pipeline LLC | 7.50 | 7-15-2038 | 240,000 | 272,400 | ||
Southwestern Energy Company | 7.50 | 4-1-2026 | 400,000 | 417,920 | ||
Southwestern Energy Company | 7.75 | 10-1-2027 | 975,000 | 1,028,625 | ||
Southwestern Energy Company | 8.38 | 9-15-2028 | 650,000 | 695,568 | ||
Tallgrass Energy Partners LP 144A | 5.50 | 9-15-2024 | 2,548,000 | 2,593,940 | ||
Tallgrass Energy Partners LP 144A | 7.50 | 10-1-2025 | 820,000 | 873,300 | ||
Western Midstream Operating LP | 5.30 | 2-1-2030 | 600,000 | 660,000 | ||
Western Midstream Operating LP | 5.30 | 3-1-2048 | 1,000,000 | 1,025,000 | ||
Western Midstream Operating LP | 6.50 | 2-1-2050 | 75,000 | 84,375 | ||
39,197,371 |
See accompanying notes to portfolio of investments
Wells Fargo Multi-Sector Income Fund | 5
Portfolio of investments—January 31, 2021 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Financials: 10.76% | ||||||
Banks: 1.19% | ||||||
Bank of America Corporation | 5.70% | 1-24-2022 | $ | 250,000 | $ 263,285 | |
Citigroup Incorporated | 4.50 | 1-14-2022 | 250,000 | 259,927 | ||
Citigroup Incorporated (U.S. SOFR+3.23%) ʊ± | 4.70 | 1-30-2025 | 750,000 | 766,875 | ||
City National Bank | 5.38 | 7-15-2022 | 500,000 | 531,733 | ||
International Finance Corporation | 7.50 | 5-9-2022 | 5,000,000 | 958,987 | ||
International Finance Corporation | 7.50 | 5-9-2022 | 4,000,000 | 767,189 | ||
JPMorgan Chase & Company (3 Month LIBOR+3.25%) ± | 5.15 | 12-29-2049 | 750,000 | 771,563 | ||
4,319,559 | ||||||
Capital markets: 0.57% | ||||||
ACE Securities Corporation (1 Month LIBOR+2.63%) ± | 2.76 | 6-25-2033 | 49,677 | 49,691 | ||
Goldman Sachs Group Incorporated | 5.75 | 1-24-2022 | 750,000 | 789,626 | ||
Oppenheimer Holdings Incorporated | 5.50 | 10-1-2025 | 1,200,000 | 1,218,000 | ||
2,057,317 | ||||||
Consumer finance: 3.24% | ||||||
Discover Financial Services | 5.20 | 4-27-2022 | 750,000 | 792,356 | ||
FirstCash Incorporated 144A | 4.63 | 9-1-2028 | 445,000 | 461,265 | ||
Ford Motor Credit Company LLC | 4.00 | 11-13-2030 | 590,000 | 604,750 | ||
Ford Motor Credit Company LLC | 4.39 | 1-8-2026 | 1,450,000 | 1,542,438 | ||
Ford Motor Credit Company LLC | 5.11 | 5-3-2029 | 2,175,000 | 2,393,887 | ||
Ford Motor Credit Company LLC | 5.13 | 6-16-2025 | 225,000 | 244,350 | ||
Genworth Mortgage Holding 144A | 6.50 | 8-15-2025 | 175,000 | 186,594 | ||
Hawaiian Brand Intellectual Property Limited 144A%% | 5.75 | 1-20-2026 | 1,900,000 | 1,976,000 | ||
Springleaf Finance Corporation | 5.38 | 11-15-2029 | 625,000 | 687,500 | ||
Springleaf Finance Corporation | 6.13 | 3-15-2024 | 750,000 | 819,615 | ||
Springleaf Finance Corporation | 6.63 | 1-15-2028 | 100,000 | 116,750 | ||
Springleaf Finance Corporation | 7.13 | 3-15-2026 | 925,000 | 1,082,250 | ||
Synchrony Financial | 5.15 | 3-19-2029 | 750,000 | 898,243 | ||
11,805,998 | ||||||
Diversified financial services: 2.30% | ||||||
DAE Funding LLC 144A | 5.75 | 11-15-2023 | 875,000 | 899,063 | ||
LPL Holdings Incorporated 144A | 5.75 | 9-15-2025 | 3,700,000 | 3,823,210 | ||
Mileage Plus Holdings LLC 144A | 6.50 | 6-20-2027 | 2,200,000 | 2,406,250 | ||
United Shore Financial Services LLC 144A | 5.50 | 11-15-2025 | 1,188,000 | 1,250,370 | ||
8,378,893 | ||||||
Insurance: 2.36% | ||||||
American International Group Incorporated | 4.88 | 6-1-2022 | 750,000 | 793,291 | ||
AmWINS Group Incorporated 144A | 7.75 | 7-1-2026 | 1,625,000 | 1,741,805 | ||
Assurant Incorporated | 3.70 | 2-22-2030 | 750,000 | 836,681 | ||
Brighthouse Financial Incorporated | 4.70 | 6-22-2047 | 850,000 | 898,423 | ||
HUB International Limited 144A | 7.00 | 5-1-2026 | 550,000 | 570,625 | ||
Liberty Mutual Group Incorporated 144A | 4.57 | 2-1-2029 | 750,000 | 905,121 | ||
Prudential Financial Incorporated (3 Month LIBOR+2.38%) ± | 4.50 | 9-15-2047 | 750,000 | 815,281 | ||
Sammons Financial Group Incorporated 144A | 4.45 | 5-12-2027 | 750,000 | 805,478 |
See accompanying notes to portfolio of investments
6 | Wells Fargo Multi-Sector Income Fund
Portfolio of investments—January 31, 2021 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Insurance (continued) | ||||||
USI Incorporated 144A | 6.88% | 5-1-2025 | $ | 550,000 | $ 558,839 | |
W.R. Berkley Corporation | 4.63 | 3-15-2022 | 650,000 | 679,522 | ||
8,605,066 | ||||||
Mortgage REITs: 0.52% | ||||||
Starwood Property Trust Incorporated | 4.75 | 3-15-2025 | 755,000 | 755,596 | ||
Starwood Property Trust Incorporated | 5.00 | 12-15-2021 | 420,000 | 425,775 | ||
Starwood Property Trust Incorporated 144A | 5.50 | 11-1-2023 | 690,000 | 717,600 | ||
1,898,971 | ||||||
Thrifts & mortgage finance: 0.58% | ||||||
Ladder Capital Finance Holdings LP 144A | 4.25 | 2-1-2027 | 200,000 | 191,616 | ||
Ladder Capital Finance Holdings LP 144A | 5.25 | 3-15-2022 | 150,000 | 150,750 | ||
Ladder Capital Finance Holdings LP 144A | 5.25 | 10-1-2025 | 1,775,000 | 1,770,563 | ||
2,112,929 | ||||||
Health care: 5.13% | ||||||
Health care equipment & supplies: 0.70% | ||||||
Hill-Rom Holdings Incorporated 144A | 4.38 | 9-15-2027 | 475,000 | 493,406 | ||
Hill-Rom Holdings Incorporated | 5.00 | 2-15-2025 | 400,000 | 411,500 | ||
Hologic Incorporated 144A | 3.25 | 2-15-2029 | 610,000 | 619,913 | ||
Hologic Incorporated | 4.63 | 2-1-2028 | 225,000 | 238,500 | ||
Surgery Center Holdings Incorporated 144A | 6.75 | 7-1-2025 | 750,000 | 770,663 | ||
2,533,982 | ||||||
Health care providers & services: 3.17% | ||||||
AdaptHealth LLC 144A | 4.63 | 8-1-2029 | 240,000 | 245,134 | ||
Centene Corporation 144A | 5.38 | 8-15-2026 | 125,000 | 131,094 | ||
Cigna Corporation | 3.90 | 2-15-2022 | 315,000 | 326,442 | ||
CommonSpirit Health | 3.82 | 10-1-2049 | 750,000 | 851,534 | ||
Community Health Systems Incorporated 144A | 6.63 | 2-15-2025 | 1,170,000 | 1,231,659 | ||
Davita Incorporated 144A | 4.63 | 6-1-2030 | 600,000 | 630,192 | ||
Encompass Health Corporation | 4.50 | 2-1-2028 | 150,000 | 156,188 | ||
Encompass Health Corporation | 4.75 | 2-1-2030 | 175,000 | 188,228 | ||
Encompass Health Corporation | 4.63 | 4-1-2031 | 175,000 | 185,938 | ||
HealthSouth Corporation | 5.75 | 9-15-2025 | 575,000 | 592,969 | ||
Magellan Health Incorporated | 4.90 | 9-22-2024 | 325,000 | 356,756 | ||
MPT Operating Partnership LP | 4.63 | 8-1-2029 | 325,000 | 347,578 | ||
MPT Operating Partnership LP | 5.00 | 10-15-2027 | 1,100,000 | 1,166,000 | ||
MPT Operating Partnership LP | 5.25 | 8-1-2026 | 1,575,000 | 1,630,125 | ||
Select Medical Corporation 144A | 6.25 | 8-15-2026 | 900,000 | 961,650 | ||
Tenet Healthcare Corporation 144A | 4.63 | 6-15-2028 | 125,000 | 130,762 | ||
Tenet Healthcare Corporation 144A | 4.88 | 1-1-2026 | 1,025,000 | 1,069,208 | ||
Tenet Healthcare Corporation 144A | 5.13 | 11-1-2027 | 225,000 | 237,119 | ||
Tenet Healthcare Corporation 144A | 6.25 | 2-1-2027 | 425,000 | 447,697 | ||
Tenet Healthcare Corporation | 7.00 | 8-1-2025 | 300,000 | 310,125 | ||
Tenet Healthcare Corporation 144A | 7.50 | 4-1-2025 | 150,000 | 162,070 | ||
Vizient Incorporated 144A | 6.25 | 5-15-2027 | 175,000 | 185,938 | ||
11,544,406 |
See accompanying notes to portfolio of investments
Wells Fargo Multi-Sector Income Fund | 7
Portfolio of investments—January 31, 2021 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Health care technology: 0.73% | ||||||
Change Healthcare Holdings Incorporated 144A | 5.75% | 3-1-2025 | $ | 2,375,000 | $ 2,436,038 | |
IQVIA Incorporated 144A | 5.00 | 10-15-2026 | 225,000 | 233,719 | ||
2,669,757 | ||||||
Life sciences tools & services: 0.18% | ||||||
Charles River Laboratories Incorporated 144A | 5.50 | 4-1-2026 | 150,000 | 156,563 | ||
Ortho-Clinical Diagnostics Incorporated 144A | 7.25 | 2-1-2028 | 90,000 | 96,300 | ||
Syneos Health Incorporated 144A | 3.63 | 1-15-2029 | 400,000 | 399,880 | ||
652,743 | ||||||
Pharmaceuticals: 0.35% | ||||||
Bausch Health Companies Incorporated | 6.25 | 2-15-2029 | 600,000 | 643,548 | ||
Bausch Health Companies Incorporated 144A | 7.00 | 3-15-2024 | 575,000 | 587,765 | ||
Bausch Health Companies Incorporated 144A | 7.25 | 5-30-2029 | 50,000 | 55,688 | ||
1,287,001 | ||||||
Industrials: 8.26% | ||||||
Aerospace & defense: 1.63% | ||||||
RBS Global & Rexnord LLC 144A | 4.88 | 12-15-2025 | 1,704,000 | 1,741,045 | ||
Signature Aviation US Holdings Incorporated 144A | 4.00 | 3-1-2028 | 600,000 | 611,628 | ||
Signature Aviation US Holdings Incorporated 144A | 5.38 | 5-1-2026 | 2,025,000 | 2,075,018 | ||
Spirit AeroSystems Holdings Incorporated | 4.60 | 6-15-2028 | 605,000 | 579,853 | ||
Spirit AeroSystems Holdings Incorporated 144A | 5.50 | 1-15-2025 | 305,000 | 319,869 | ||
TransDigm Incorporated 144A | 6.25 | 3-15-2026 | 575,000 | 608,178 | ||
5,935,591 | ||||||
Airlines: 1.84% | ||||||
Delta Air Lines Incorporated | 3.75 | 10-28-2029 | 690,000 | 677,366 | ||
Delta Air Lines Incorporated 144A | 4.75 | 10-20-2028 | 3,500,000 | 3,878,485 | ||
United Airlines | 5.88 | 4-15-2029 | 1,556,441 | 1,738,410 | ||
United Airlines Pass-Through Trust Certificates Series 2020-1 Class B %% | 4.88 | 7-15-2027 | 400,000 | 409,000 | ||
6,703,261 | ||||||
Commercial services & supplies: 2.14% | ||||||
Covanta Holding Corporation | 5.88 | 7-1-2025 | 515,000 | 534,313 | ||
IAA Spinco Incorporated 144A | 5.50 | 6-15-2027 | 1,700,000 | 1,785,170 | ||
KAR Auction Services Incorporated 144A | 5.13 | 6-1-2025 | 4,200,000 | 4,310,250 | ||
Plastipak Holdings Incorporated 144A | 6.25 | 10-15-2025 | 1,150,000 | 1,175,875 | ||
7,805,608 | ||||||
Construction & engineering: 0.04% | ||||||
Pike Corporation 144A | 5.50 | 9-1-2028 | 145,000 | 149,713 | ||
Machinery: 1.16% | ||||||
Meritor Incorporated 144A | 4.50 | 12-15-2028 | 600,000 | 612,000 |
See accompanying notes to portfolio of investments
8 | Wells Fargo Multi-Sector Income Fund
Portfolio of investments—January 31, 2021 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Machinery (continued) | ||||||
Stevens Holding Company Incorporated 144A | 6.13% | 10-1-2026 | $ | 1,425,000 | $ 1,552,680 | |
Trimas Corporation 144A | 4.88 | 10-15-2025 | 1,997,000 | 2,042,841 | ||
4,207,521 | ||||||
Professional services: 0.15% | ||||||
Verisk Analytics Incorporated | 5.80 | 5-1-2021 | 530,000 | 537,013 | ||
Road & rail: 0.28% | ||||||
Uber Technologies Incorporated 144A | 8.00 | 11-1-2026 | 950,000 | 1,025,169 | ||
Trading companies & distributors: 0.72% | ||||||
Fortress Transportation & Infrastructure Investors LLC 144A | 6.50 | 10-1-2025 | 2,325,000 | 2,406,375 | ||
Fortress Transportation & Infrastructure Investors LLC 144A | 9.75 | 8-1-2027 | ���200,000 | 226,140 | ||
2,632,515 | ||||||
Transportation infrastructure: 0.30% | ||||||
Allison Transmission Incorporated 144A | 3.75 | 1-30-2031 | 1,100,000 | 1,093,928 | ||
Information technology: 5.07% | ||||||
Communications equipment: 0.45% | ||||||
CommScope Technologies Finance LLC 144A | 6.00 | 6-15-2025 | 715,000 | 730,122 | ||
CommScope Technologies Finance LLC 144A | 8.25 | 3-1-2027 | 845,000 | 910,014 | ||
1,640,136 | ||||||
Electronic equipment, instruments & components: 0.20% | ||||||
Keysight Technologies | 4.60 | 4-6-2027 | 600,000 | 714,460 | ||
IT services: 0.93% | ||||||
Cardtronics Incorporated 144A | 5.50 | 5-1-2025 | 2,328,000 | 2,409,480 | ||
Flexential Intermediate Corporation 144A | 11.25 | 8-1-2024 | 365,000 | 388,725 | ||
Sabre GLBL Incorporated 144A | 9.25 | 4-15-2025 | 485,000 | 575,428 | ||
3,373,633 | ||||||
Semiconductors & semiconductor equipment: 0.28% | ||||||
Broadcom Corporation | 3.50 | 1-15-2028 | 750,000 | 818,556 | ||
Qorvo Incorporated | 4.38 | 10-15-2029 | 175,000 | 190,969 | ||
1,009,525 | ||||||
Software: 1.49% | ||||||
Fair Isaac Corporation 144A | 5.25 | 5-15-2026 | 1,000,000 | 1,130,000 | ||
IQVIA Incorporated 144A | 5.00 | 5-15-2027 | 250,000 | 263,220 | ||
Logan Merger Sub Incorporated 144A | 5.50 | 9-1-2027 | 575,000 | 601,594 | ||
MPH Acquisition Holdings Company 144A | 5.75 | 11-1-2028 | 1,610,000 | 1,595,913 | ||
NortonLifeLock Incorporated 144A | 5.00 | 4-15-2025 | 475,000 | 483,455 | ||
SS&C Technologies Incorporated 144A | 5.50 | 9-30-2027 | 500,000 | 529,505 | ||
VMware Incorporated | 3.90 | 8-21-2027 | 750,000 | 841,745 | ||
5,445,432 | ||||||
Technology hardware, storage & peripherals: 1.72% | ||||||
Dell International LLC 144A | 7.13 | 6-15-2024 | 3,200,000 | 3,323,520 |
See accompanying notes to portfolio of investments
Wells Fargo Multi-Sector Income Fund | 9
Portfolio of investments—January 31, 2021 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Technology hardware, storage & peripherals (continued) | ||||||
Diamond 1 Finance Corporation 144A | 6.02% | 6-15-2026 | $ | 750,000 | $ 905,394 | |
Hewlett-Packard Company | 4.05 | 9-15-2022 | 750,000 | 792,901 | ||
NCR Corporation 144A | 6.13 | 9-1-2029 | 1,000,000 | 1,077,980 | ||
NCR Corporation 144A | 8.13 | 4-15-2025 | 150,000 | 164,250 | ||
6,264,045 | ||||||
Materials: 2.31% | ||||||
Chemicals: 0.05% | ||||||
Valvoline Incorporated 144A | 4.25 | 2-15-2030 | 175,000 | 182,875 | ||
Containers & packaging: 1.15% | ||||||
Berry Global Incorporated | 5.13 | 7-15-2023 | 100,000 | 102,125 | ||
Berry Global Incorporated 144A | 5.63 | 7-15-2027 | 175,000 | 186,156 | ||
Crown Cork & Seal Company Incorporated | 7.38 | 12-15-2026 | 750,000 | 911,250 | ||
Flex Acquisition Company Incorporated 144A | 6.88 | 1-15-2025 | 900,000 | 914,625 | ||
Flex Acquisition Company Incorporated 144A | 7.88 | 7-15-2026 | 275,000 | 285,230 | ||
Owens-Brockway Packaging Incorporated 144A | 5.88 | 8-15-2023 | 325,000 | 347,750 | ||
Owens-Brockway Packaging Incorporated | 6.38 | 8-15-2025 | 600,000 | 667,500 | ||
Silgan Holdings Incorporated | 4.13 | 2-1-2028 | 750,000 | 778,125 | ||
4,192,761 | ||||||
Metals & mining: 0.73% | ||||||
Arches Buyer Incorporated 144A | 4.25 | 6-1-2028 | 160,000 | 159,800 | ||
Arches Buyer Incorporated 144A | 6.13 | 12-1-2028 | 405,000 | 415,125 | ||
Cleveland-Cliffs Incorporated | 5.88 | 6-1-2027 | 500,000 | 518,750 | ||
Cleveland-Cliffs Incorporated 144A | 9.88 | 10-17-2025 | 545,000 | 640,855 | ||
Indalex Holdings Corporation ♦ | 11.50 | 2-1-2021 | 2,990,596 | 0 | ||
Kaiser Aluminum Corporation 144A | 4.63 | 3-1-2028 | 300,000 | 309,456 | ||
Kaiser Aluminum Corporation 144A | 6.50 | 5-1-2025 | 175,000 | 186,813 | ||
Novelis Corporation 144A | 5.88 | 9-30-2026 | 400,000 | 419,000 | ||
2,649,799 | ||||||
Paper & forest products: 0.38% | ||||||
Clearwater Paper Corporation 144A | 5.38 | 2-1-2025 | 350,000 | 381,938 | ||
Clearwater Paper Corporation 144A | 4.75 | 8-15-2028 | 270,000 | 279,369 | ||
Vertical U.S. Newco Incorporated 144A | 5.25 | 7-15-2027 | 675,000 | 705,196 | ||
1,366,503 | ||||||
Real estate: 1.47% | ||||||
Equity REITs: 1.47% | ||||||
CoreCivic Incorporated | 5.00 | 10-15-2022 | 575,000 | 549,125 | ||
Omega HealthCare Investors Incorporated | 4.50 | 4-1-2027 | 600,000 | 674,941 | ||
Service Properties Trust Company | 3.95 | 1-15-2028 | 385,000 | 350,350 | ||
Service Properties Trust Company | 4.75 | 10-1-2026 | 200,000 | 192,000 | ||
Service Properties Trust Company | 4.95 | 2-15-2027 | 625,000 | 603,125 | ||
Service Properties Trust Company | 7.50 | 9-15-2025 | 1,000,000 | 1,125,746 | ||
SITE Centers Corporation | 4.70 | 6-1-2027 | 600,000 | 669,812 | ||
The Geo Group Incorporated | 5.13 | 4-1-2023 | 525,000 | 448,875 |
See accompanying notes to portfolio of investments
10 | Wells Fargo Multi-Sector Income Fund
Portfolio of investments—January 31, 2021 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Equity REITs (continued) | ||||||
The Geo Group Incorporated | 5.88% | 1-15-2022 | $ | 600,000 | $ 567,000 | |
The Geo Group Incorporated | 5.88 | 10-15-2024 | 240,000 | 181,200 | ||
5,362,174 | ||||||
Utilities: 2.13% | ||||||
Electric utilities: 0.88% | ||||||
Evergy Incorporated | 4.85 | 6-1-2021 | 750,000 | 752,700 | ||
NextEra Energy Operating Partners LP 144A | 4.25 | 7-15-2024 | 775,000 | 821,578 | ||
NextEra Energy Operating Partners LP 144A | 4.25 | 9-15-2024 | 16,000 | 17,088 | ||
NextEra Energy Operating Partners LP 144A | 4.50 | 9-15-2027 | 1,250,000 | 1,387,500 | ||
PG&E Corporation | 5.00 | 7-1-2028 | 100,000 | 107,287 | ||
PG&E Corporation | 5.25 | 7-1-2030 | 100,000 | 110,000 | ||
3,196,153 | ||||||
Independent power & renewable electricity producers: 1.25% | ||||||
NSG Holdings LLC 144A | 7.75 | 12-15-2025 | 2,296,864 | 2,439,970 | ||
TerraForm Power Operating LLC | 4.25 | 1-31-2023 | 500,000 | 514,773 | ||
TerraForm Power Operating LLC 144A | 4.75 | 1-15-2030 | 800,000 | 858,000 | ||
TerraForm Power Operating LLC 144A | 5.00 | 1-31-2028 | 675,000 | 749,250 | ||
4,561,993 | ||||||
Total Corporate bonds and notes (Cost $231,772,398) | 245,297,075 | |||||
Foreign corporate bonds and notes: 4.36% | ||||||
Financials: 4.36% | ||||||
Banks: 4.36% | ||||||
European Investment Bank | 7.25 | 6-28-2021 | BRL | 9,000,000 | 1,677,931 | |
European Investment Bank | 8.00 | 5-5-2027 | ZAR | 21,000,000 | 1,521,997 | |
European Investment Bank | 8.38 | 7-29-2022 | ZAR | 40,000,000 | 2,776,595 | |
European Investment Bank | 8.75 | 8-18-2025 | ZAR | 20,000,000 | 1,477,421 | |
European Investment Bank | 9.00 | 3-31-2021 | ZAR | 17,400,000 | 1,156,764 | |
International Bank for Reconstruction & Development | 7.00 | 6-7-2023 | ZAR | 15,000,000 | 1,033,934 | |
International Bank for Reconstruction & Development | 7.50 | 6-9-2021 | BRL | 5,000,000 | 930,438 | |
International Bank for Reconstruction & Development | 8.25 | 6-22-2023 | BRL | 9,000,000 | 1,764,026 | |
KfW | 7.50 | 11-10-2022 | ZAR | 36,000,000 | 2,491,643 | |
Landwirtschaftliche Rentenbank | 8.25 | 5-23-2022 | ZAR | 15,000,000 | 1,027,636 | |
Total Foreign corporate bonds and notes (Cost $18,850,509) | 15,858,385 | |||||
Foreign government bonds: 26.98% | ||||||
Colombia | 6.25 | 11-26-2025 | COP | 15,000,000,000 | 4,654,159 | |
Colombia | 7.50 | 8-26-2026 | COP | 22,725,000,000 | 7,382,519 | |
India | 7.32 | 1-28-2024 | INR | 710,000,000 | 10,413,528 | |
Indonesia | 5.50 | 4-15-2026 | IDR | 50,000,000,000 | 3,612,259 | |
Indonesia | 7.00 | 9-15-2030 | IDR | 115,000,000,000 | 8,591,721 | |
Indonesia | 7.25 | 2-15-2026 | IDR | 55,000,000,000 | 4,231,276 | |
Malaysia | 4.23 | 6-30-2031 | MYR | 33,000,000 | 9,141,574 | |
Mexico | 7.75 | 5-29-2031 | MXN | 85,000,000 | 4,850,088 |
See accompanying notes to portfolio of investments
Wells Fargo Multi-Sector Income Fund | 11
Portfolio of investments—January 31, 2021 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Foreign government bonds (continued) | ||||||
Mexico | 8.50% | 5-31-2029 | MXN | 198,000,000 | $ 11,790,512 | |
Republic of Trinidad and Tobago 144A | 4.50 | 8-4-2026 | TTD | 750,000 | 813,750 | |
Romania | 3.25 | 4-29-2024 | RON | 43,700,000 | 11,270,810 | |
Romania | 5.00 | 2-12-2029 | RON | 20,000,000 | 5,851,233 | |
Russia | 6.50 | 2-28-2024 | RUB | 390,000,000 | 5,352,193 | |
Russia | 6.90 | 5-23-2029 | RUB | 400,000,000 | 5,550,159 | |
Russia | 7.65 | 4-10-2030 | RUB | 325,000,000 | 4,731,739 | |
Total Foreign government bonds (Cost $93,079,745) | 98,237,520 | |||||
Loans: 18.83% | ||||||
Communication services: 1.63% | ||||||
Diversified telecommunication services: 0.15% | ||||||
Cablevision Lightpath LLC (1 Month LIBOR+3.25%) ± | 3.75 | 11-30-2027 | $ | 269,325 | 269,998 | |
Frontier Communications (1 Month LIBOR+4.75%) ± | 5.75 | 10-8-2021 | 270,000 | 269,746 | ||
539,744 | ||||||
Media: 1.24% | ||||||
Ancestry.com Incorporated (1 Month LIBOR+4.00%) ± | 4.50 | 12-6-2027 | 810,000 | 812,746 | ||
CSC Holdings LLC (1 Month LIBOR+2.25%) ± | 2.38 | 1-15-2026 | 490,000 | 486,786 | ||
CSC Holdings LLC (1 Month LIBOR+2.50%) ± | 2.63 | 4-15-2027 | 146,644 | 145,820 | ||
Diamond Sports Group LLC (1 Month LIBOR+3.25%) <± | 3.37 | 8-24-2026 | 165,000 | 140,113 | ||
Gray Television Incorporated (1 Month LIBOR+2.50%) ± | 2.64 | 1-2-2026 | 488,545 | 487,323 | ||
Hubbard Radio LLC (3 Month LIBOR+4.25%) ± | 5.25 | 3-28-2025 | 1,406,490 | 1,372,214 | ||
Nexstar Broadcasting Incorporated (1 Month LIBOR+2.75%) ± | 2.89 | 9-18-2026 | 1,078,432 | 1,078,281 | ||
4,523,283 | ||||||
Wireless telecommunication services: 0.24% | ||||||
Connect U.S. Finco LLC (1 Month LIBOR+4.50%) ± | 5.50 | 12-11-2026 | 868,438 | 869,367 | ||
Consumer discretionary: 2.13% | ||||||
Auto components: 0.14% | ||||||
Belron Finance US LLC (3 Month LIBOR+2.25%) ♦± | 2.46 | 11-7-2024 | 291,000 | 290,092 | ||
Clarios Global LP (1 Month LIBOR+3.50%) ± | 3.62 | 4-30-2026 | 218,170 | 217,829 | ||
507,921 | ||||||
Distributors: 0.65% | ||||||
Spin Holdco Incorporated (3 Month LIBOR+3.25%) ± | 4.25 | 11-14-2022 | 2,385,615 | 2,379,962 | ||
Hotels, restaurants & leisure: 1.26% | ||||||
Carnival Corporation (1 Month LIBOR+7.50%) ± | 8.50 | 6-30-2025 | 968,337 | 995,576 |
See accompanying notes to portfolio of investments
12 | Wells Fargo Multi-Sector Income Fund
Portfolio of investments—January 31, 2021 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Hotels, restaurants & leisure (continued) | ||||||
CCM Merger Incorporated (1 Month LIBOR+3.75%) ± | 4.50% | 11-4-2025 | $ | 2,190,000 | $ 2,198,213 | |
Montreign Operating Company LLC (1 Month LIBOR+3.25%) ± | 3.37 | 3-22-2021 | 1,445,025 | 1,399,868 | ||
4,593,657 | ||||||
Specialty retail: 0.08% | ||||||
Rent-A-Center Incorporated (1 Month LIBOR+4.50%) ♦± | 4.69 | 8-5-2026 | 296,250 | 295,880 | ||
Energy: 1.39% | ||||||
Electric utilities: 0.42% | ||||||
ExGen Renewables IV LLC (2 Month LIBOR+2.75%) ± | 3.75 | 12-15-2027 | 1,530,000 | 1,538,415 | ||
Oil, gas & consumable fuels: 0.97% | ||||||
Apergy Corporation (3 Month LIBOR+5.00%) ♦± | 6.00 | 5-28-2027 | 555,750 | 565,131 | ||
Crestwood Holdings LLC (1 Month LIBOR+7.50%) ± | 7.63 | 3-6-2023 | 1,794,276 | 1,493,735 | ||
Encino Acquisition Partners Holdings LLC (1 Month LIBOR+6.75%) ± | 7.75 | 10-29-2025 | 600,000 | 550,500 | ||
NorthRiver Midstream Finance LP (3 Month LIBOR+3.25%) ± | 3.49 | 10-1-2025 | 924,283 | 920,817 | ||
3,530,183 | ||||||
Financials: 4.89% | ||||||
Capital markets: 1.24% | ||||||
Nexus Buyer LLC (1 Month LIBOR+3.75%) <± | 3.88 | 11-9-2026 | 2,534,310 | 2,526,910 | ||
VFH Parent LLC (1 Month LIBOR+3.00%) ± | 3.13 | 3-1-2026 | 724,443 | 722,631 | ||
Victory Capital Management Incorporated (3 Month LIBOR+2.50%) ± | 2.74 | 7-1-2026 | 1,245,903 | 1,243,311 | ||
4,492,852 | ||||||
Consumer finance: 0.22% | ||||||
Russell Investments (5 Month LIBOR+3.00%) <± | 4.00 | 5-30-2025 | 816,259 | 813,965 | ||
Diversified financial services: 2.02% | ||||||
Mallinckrodt International Finance SA (3 Month LIBOR+2.75%) <± | 2.95 | 9-24-2024 | 842,811 | 792,664 | ||
Mileage Plus Holdings LLC (3 Month LIBOR+5.25%) ± | 6.25 | 6-25-2027 | 1,630,000 | 1,736,243 | ||
Resolute Investment Mangers Incorporated (1 Month LIBOR+3.75%) <± | 8.50 | 4-30-2024 | 2,609,516 | 2,617,684 | ||
Resolute Investment Mangers Incorporated (3 Month LIBOR+8.00%) ± | 9.01 | 4-30-2025 | 1,090,000 | 1,090,000 | ||
Stonepeak Lonestar Holdings LLC (3 Month LIBOR+4.50%) ± | 4.73 | 10-19-2026 | 1,126,301 | 1,126,301 | ||
7,362,892 | ||||||
Insurance: 1.37% | ||||||
AmWINS Group Incorporated (1 Month LIBOR+2.75%) ± | 3.75 | 1-25-2024 | 868,029 | 869,704 |
See accompanying notes to portfolio of investments
Wells Fargo Multi-Sector Income Fund | 13
Portfolio of investments—January 31, 2021 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Insurance (continued) | ||||||
BroadStreet Partners Incorporated (1 Month LIBOR+3.25%) ± | 3.37% | 1-27-2027 | $ | 494,850 | $ 490,110 | |
HUB International Limited (2 Month LIBOR+2.75%) ± | 2.97 | 4-25-2025 | 1,218,750 | 1,207,379 | ||
HUB International Limited (6 Month LIBOR+3.25%) ± | 4.00 | 4-25-2025 | 808,000 | 809,010 | ||
Solera Holdings Incorporated (1 Month LIBOR+2.75%) ± | 5.75 | 3-3-2023 | 1,057,990 | 1,052,626 | ||
USI Incorporated (3 Month LIBOR+3.00%) ± | 3.25 | 5-16-2024 | 290,615 | 288,435 | ||
USI Incorporated (1 Month LIBOR+3.25%) <± | 4.22 | 12-2-2026 | 40,000 | 40,000 | ||
USI Incorporated (3 Month LIBOR+4.00%) ± | 4.25 | 12-2-2026 | 222,750 | 222,656 | ||
4,979,920 | ||||||
Mortgage REITs: 0.04% | ||||||
Blackstone Mortgage Trust Incorporated (1 Month LIBOR+2.25%) ± | 2.37 | 4-23-2026 | 147,755 | 147,016 | ||
Health care: 1.22% | ||||||
Health care providers & services: 0.37% | ||||||
Surgery Center Holdings Incorporated (1 Month LIBOR+3.25%) <± | 4.25 | 9-3-2024 | 940,322 | 933,269 | ||
Team Health Holdings Incorporated (1 Month LIBOR+2.75%) ± | 3.75 | 2-6-2024 | 431,674 | 402,536 | ||
1,335,805 | ||||||
Health care technology: 0.13% | ||||||
Change Healthcare Holdings Incorporated (1 Month LIBOR+2.50%) ± | 3.50 | 3-1-2024 | 464,816 | 464,816 | ||
Pharmaceuticals: 0.72% | ||||||
Bausch Health Companies Incorporated (1 Month LIBOR+3.00%) ± | 3.12 | 6-2-2025 | 1,457,100 | 1,457,333 | ||
Endo Finance LLC (3 Month LIBOR+4.25%) ± | 5.25 | 4-29-2024 | 1,196,303 | 1,185,836 | ||
2,643,169 | ||||||
Industrials: 2.78% | ||||||
Aerospace & defense: 1.15% | ||||||
Spirit AeroSystems Holdings Incorporated (1 Month LIBOR+5.25%) ♦<± | 0.00 | 1-15-2025 | 3,020,000 | 3,057,750 | ||
TransDigm Incorporated (1 Month LIBOR+2.25%) ± | 2.37 | 8-22-2024 | 1,150,362 | 1,128,436 | ||
4,186,186 | ||||||
Commercial services & supplies: 0.13% | ||||||
IAA Spinco Incorporated (1 Month LIBOR+2.25%) ♦± | 2.38 | 6-28-2026 | 443,313 | 442,204 | ||
KAR Auction Services Incorporated (1 Month LIBOR+2.25%) ± | 2.44 | 9-19-2026 | 39,597 | 39,350 | ||
481,554 | ||||||
Construction & engineering: 0.12% | ||||||
Pike Corporation (1 Month LIBOR+3.00%) ± | 3.12 | 1-15-2028 | 69,041 | 69,012 |
See accompanying notes to portfolio of investments
14 | Wells Fargo Multi-Sector Income Fund
Portfolio of investments—January 31, 2021 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Construction & engineering (continued) | ||||||
Pike Corporation (1 Month LIBOR+3.00%) ± | 3.12% | 1-21-2028 | $ | 90,959 | $ 90,921 | |
Pike Corporation (1 Month LIBOR+3.97%) ± | 4.09 | 7-24-2026 | 257,943 | 257,580 | ||
417,513 | ||||||
Machinery: 0.64% | ||||||
Alliance Laundry Systems LLC (3 Month LIBOR+3.50%) ± | 4.25 | 10-8-2027 | 1,150,000 | 1,152,875 | ||
Columbus McKinnon Corporation (3 Month LIBOR+2.50%) ± | 6.00 | 1-31-2024 | 681,630 | 679,926 | ||
Gates Global LLC (1 Month LIBOR+2.75%) ± | 3.75 | 4-1-2024 | 484,019 | 483,719 | ||
2,316,520 | ||||||
Professional services: 0.27% | ||||||
The Dun & Bradstreet Corporation (1 Month LIBOR+3.75%) ± | 3.88 | 2-6-2026 | 991,128 | 992,546 | ||
Road & rail: 0.21% | ||||||
Uber Technologies Incorporated (3 Month LIBOR+4.00%) <± | 4.20 | 4-4-2025 | 763,043 | 764,234 | ||
Transportation infrastructure: 0.26% | ||||||
SkyMiles IP Limited (3 Month LIBOR+3.75%) ± | 4.75 | 10-20-2027 | 910,000 | 951,860 | ||
Information technology: 2.44% | ||||||
Communications equipment: 0.14% | ||||||
CommScope Incorporated (1 Month LIBOR+3.25%) ± | 3.37 | 4-6-2026 | 493,750 | 492,131 | ||
Electronic equipment, instruments & components: 0.25% | ||||||
Dell International LLC (1 Month LIBOR+2.00%) ± | 2.75 | 9-19-2025 | 925,803 | 927,034 | ||
IT services: 1.29% | ||||||
Applied Systems Incorporated (3 Month LIBOR+3.00%) ± | 4.00 | 9-19-2024 | 387,843 | 388,126 | ||
Fiserv Investment Solutions Incorporated (3 Month LIBOR+4.75%) ± | 6.44 | 2-18-2027 | 2,303,525 | 2,314,075 | ||
Flexential Intermediate Corporation (3 Month LIBOR+3.50%) ± | 3.75 | 8-1-2024 | 228,231 | 205,490 | ||
Flexential Intermediate Corporation (3 Month LIBOR+7.25%) ± | 7.48 | 8-1-2025 | 1,425,000 | 972,563 | ||
Sabre GLBL Incorporated (1 Month LIBOR+4.00%) <± | 4.75 | 12-17-2027 | 790,000 | 797,410 | ||
4,677,664 | ||||||
Software: 0.76% | ||||||
Emerald Topco Incorporated (3 Month LIBOR+3.50%) ± | 3.71 | 7-24-2026 | 987,500 | 985,772 | ||
MPH Acquisition Holdings LLC (3 Month LIBOR+2.75%) ± | 3.75 | 6-7-2023 | 371,052 | 370,380 | ||
Sophia LP (3 Month LIBOR+3.75%) ± | 4.50 | 10-7-2027 | 1,420,000 | 1,423,905 | ||
2,780,057 |
See accompanying notes to portfolio of investments
Wells Fargo Multi-Sector Income Fund | 15
Portfolio of investments—January 31, 2021 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Materials: 1.20% | ||||||
Containers & packaging: 0.81% | ||||||
Flex Acquisition Company Incorporated (3 Month LIBOR+3.00%) ± | 3.24% | 6-29-2025 | $ | 731,075 | $ 725,870 | |
Flex Acquisition Company Incorporated (3 Month LIBOR+3.00%) ± | 4.00 | 12-29-2023 | 425,005 | 424,806 | ||
Graham Packaging Company Incorporated (1 Month LIBOR+3.75%) ± | 4.50 | 8-4-2027 | 538,814 | 540,085 | ||
Reynolds Group Holdings Incorporated (1 Month LIBOR+2.75%) ± | 2.87 | 2-5-2023 | 911,157 | 910,592 | ||
RING Container Technologies (1 Month LIBOR+2.75%) ± | 2.87 | 10-31-2024 | 363,933 | 361,505 | ||
2,962,858 | ||||||
Paper & forest products: 0.39% | ||||||
Clearwater Paper Corporation (6 Month LIBOR+3.00%) ± | 3.24 | 7-26-2026 | 86,167 | 86,382 | ||
Vertical U.S. Newco Incorporated (6 Month LIBOR+4.25%) ± | 4.48 | 7-30-2027 | 1,316,700 | 1,326,944 | ||
1,413,326 | ||||||
Real estate: 0.46% | ||||||
Equity REITs: 0.46% | ||||||
The Geo Group Incorporated (1 Month LIBOR+2.00%) ± | 2.75 | 3-22-2024 | 1,906,714 | 1,688,243 | ||
Utilities: 0.69% | ||||||
Electric utilities: 0.69% | ||||||
PG&E Corporation (PRIME+3.50%) ± | 6.75 | 6-23-2025 | 2,487,500 | 2,507,400 | ||
Total Loans (Cost $68,003,982) | 68,577,973 | |||||
Non-agency mortgage-backed securities: 4.85% | ||||||
Banc of America Funding Corporation Series 2005 Class 5-1A1 | 5.50 | 9-25-2035 | 128,188 | 137,739 | ||
Banc of America Funding Corporation Series 2005 Class D-A1 ±± | 3.27 | 5-25-2035 | 200,493 | 208,332 | ||
Banc of America Merrill Lynch Commercial Mortgage Incorporated Series 2017-BNK6 Class D 144A | 3.10 | 7-15-2060 | 1,000,000 | 871,666 | ||
Banc of America Mortgage Securities Series 2003 Class 1A1 ±± | 3.87 | 4-25-2033 | 251,267 | 241,363 | ||
Benchmark Mortgage Trust Series 2018-B1 Class A2 | 3.57 | 1-15-2051 | 195,000 | 203,046 | ||
Bluemountain CLO Limited Series 2015-2A Class A1R (3 Month LIBOR+0.93%)144A± | 1.15 | 7-18-2027 | 407,206 | 407,296 | ||
Centex Home Equity Series 2002-A Class AF6 | 5.54 | 1-25-2032 | 12,913 | 13,353 | ||
Centex Home Equity Series 2004-B Class AF6 | 4.69 | 3-25-2034 | 3,746 | 3,746 | ||
Citigroup Commercial Mortgage Trust Series 2012-GC8 Class C 144A±± | 4.88 | 9-10-2045 | 1,000,000 | 981,112 | ||
Citigroup Commercial Mortgage Trust Series 2017-MDRB Class A (1 Month LIBOR+1.10%)144A± | 1.23 | 7-15-2030 | 394,694 | 380,388 | ||
Commercial Mortgage Trust Series 2012-CR2 Class C ±± | 4.83 | 8-15-2045 | 1,000,000 | 995,201 |
See accompanying notes to portfolio of investments
16 | Wells Fargo Multi-Sector Income Fund
Portfolio of investments—January 31, 2021 (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 | $ 930,208 | |
Commercial Mortgage Trust Series 2012-CR5 Class E 144A±± | 4.32 | 12-10-2045 | 1,000,000 | 808,134 | ||
Commercial Mortgage Trust Series 2012-LC4 Class A4 | 3.29 | 12-10-2044 | 188,762 | 191,297 | ||
Commercial Mortgage Trust Series 2012-LC4 Class AM | 4.06 | 12-10-2044 | 500,000 | 512,665 | ||
Commercial Mortgage Trust Series 2012-LC4 Class C ±± | 5.53 | 12-10-2044 | 500,000 | 455,535 | ||
Commercial Mortgage Trust Series 2013-LC13 Class D 144A±± | 5.29 | 8-10-2046 | 1,103,000 | 1,005,051 | ||
Countrywide Home Loans Series 2003-48 Class 2A2 ±± | 2.72 | 10-25-2033 | 32,204 | 32,066 | ||
Credit Suisse First Boston Mortgage Securities Series 2002-AR25 Class 1A1 ±± | 2.42 | 9-25-2032 | 272,714 | 268,942 | ||
Credit Suisse First Boston Mortgage Securities Series 2003-AR15 Class 3A1 ±± | 3.23 | 6-25-2033 | 53,209 | 54,334 | ||
Credit Suisse First Boston Mortgage Securities Series 2003-AR9 Class 2A2 ±± | 2.84 | 3-25-2033 | 11,470 | 11,591 | ||
Credit Suisse First Boston Mortgage Securities Series 2014-USA Class D 144A | 4.37 | 9-15-2037 | 750,000 | 665,273 | ||
Crown Point Limited Series 2015-3A Class A1AR (3 Month LIBOR+0.91%)144A± | 1.15 | 12-31-2027 | 140,125 | 140,154 | ||
Global Mortgage Securitization Limited Series 2004-A Class A2 (1 Month LIBOR+0.32%)144A± | 0.45 | 11-25-2032 | 44,049 | 41,915 | ||
Goldman Sachs Mortgage Securities Trust Series 2010-C1 Class X 144A♀±± | 0.74 | 8-10-2043 | 1,356,248 | 8,561 | ||
Goldman Sachs Mortgage Securities Trust Series 2012-GCJ7 Class XA ♀±± | 2.04 | 5-10-2045 | 2,237,960 | 23,115 | ||
Goldman Sachs Mortgage Securities Trust Series 2019-GSA1 Class C ±± | 3.81 | 11-10-2052 | 1,000,000 | 1,023,656 | ||
Goldman Sachs Mortgage Securities Trust Series 2020-DUNE Class D (1 Month LIBOR+1.90%)144A± | 2.03 | 12-15-2036 | 1,000,000 | 926,132 | ||
GSAA Home Equity Trust Series 2004-5 Class AF5 | 4.28 | 6-25-2034 | 192 | 192 | ||
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-C6 Class E 144A±± | 5.14 | 5-15-2045 | 520,000 | 317,227 | ||
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-C17 Class B ±± | 4.89 | 1-15-2047 | 50,000 | 53,970 | ||
JPMorgan Mortgage Trust Series 2004-A3 Class 2A1 ±± | 3.85 | 7-25-2034 | 12,416 | 12,717 | ||
JPMorgan Mortgage Trust Series 2004-A3 Class 3A3 ±± | 2.85 | 7-25-2034 | 19,938 | 19,759 | ||
JPMorgan Mortgage Trust Series 2005-A3 Class 11A2 ±± | 2.78 | 6-25-2035 | 89,751 | 89,913 | ||
MASTR Adjustable Rate Mortgage Trust Series 2003-6 Class 3A1 ±± | 2.32 | 12-25-2033 | 106,742 | 111,812 | ||
MASTR Adjustable Rate Mortgage Trust Series 2003-6 Class 4A2 ±± | 3.21 | 1-25-2034 | 5,649 | 6,066 | ||
MASTR Adjustable Rate Mortgage Trust Series 2004-13 Class 3A7 ±± | 3.17 | 11-21-2034 | 6,083 | 6,286 |
See accompanying notes to portfolio of investments
Wells Fargo Multi-Sector Income Fund | 17
Portfolio of investments—January 31, 2021 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Non-agency mortgage-backed securities (continued) | ||||||
MASTR Alternative Loans Trust Series 2005-1 Class 5A1 | 5.50% | 3-25-2036 | $ | 456 | $ 440 | |
Mid-State Trust Series 11 Class A1 | 4.86 | 7-15-2038 | 131,078 | 140,351 | ||
MLCC Mortgage Investors Incorporated Series 2003-G Class A2 (6 Month LIBOR+0.68%)± | 0.93 | 1-25-2029 | 37,326 | 38,031 | ||
MMAF Equipment Finance LLC Series 2017-AA Class A4 144A | 2.41 | 8-16-2024 | 107,038 | 108,140 | ||
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5 Class XA 144A♀±± | 1.41 | 8-15-2045 | 3,678,520 | 53,652 | ||
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C10 Class D 144A±± | 4.08 | 7-15-2046 | 1,000,000 | 456,796 | ||
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C11 Class A4 ±± | 4.15 | 8-15-2046 | 569,000 | 608,975 | ||
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C7 Class D 144A±± | 4.24 | 2-15-2046 | 692,000 | 437,577 | ||
Morgan Stanley Capital I Trust Series 2012-C4 Class C 144A±± | 5.42 | 3-15-2045 | 900,000 | 844,727 | ||
Morgan Stanley Mortgage Loan Trust Series 2004-4 Class 2A ±± | 6.32 | 9-25-2034 | 20,614 | 22,810 | ||
New Century Home Equity Loan Trust Series 2004-3 Class M1 (1 Month LIBOR+0.93%)± | 1.06 | 11-25-2034 | 928,801 | 908,131 | ||
Palmer Square Loan Funding Limited Series 2019-2A Class A1 (3 Month LIBOR+0.97%)144A± | 1.19 | 4-20-2027 | 243,170 | 243,224 | ||
Saxon Asset Securities Trust Series 2002-1 Class AF5 | 5.37 | 12-25-2030 | 93,731 | 98,021 | ||
Sequoia Mortgage Trust Series 2003-1 Class 1A (1 Month LIBOR+0.76%)± | 0.89 | 4-20-2033 | 6,056 | 6,102 | ||
SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE Class D 144A±± | 4.39 | 1-5-2043 | 1,000,000 | 766,201 | ||
Structured Adjustable Rate Mortgage Loan Trust Series 2004-2 Class 2A ±± | 2.83 | 3-25-2034 | 23,902 | 24,684 | ||
Terwin Mortgage Trust Series 2003-6HE Class A3 (1 Month LIBOR+1.14%)± | 1.27 | 11-25-2033 | 119,628 | 118,387 | ||
Vendee Mortgage Trust Series 2003-2 Class IO ♀±± | 0.63 | 5-15-2033 | 2,133,536 | 39,882 | ||
Washington Mutual Mortgage Trust Series 2004-RA4 Class 3A | 7.50 | 7-25-2034 | 67,454 | 72,989 | ||
Wind River CLO Limited Series 2013-2A Class BR (3 Month LIBOR+1.60%)144A± | 1.82 | 10-18-2030 | 500,000 | 500,110 | ||
Total Non-agency mortgage-backed securities (Cost $19,561,779) | 17,649,043 |
Expiration date | Shares | |||||
Warrants: 0.02% | ||||||
Energy: 0.02% | ||||||
Oil, gas & consumable fuels: 0.02% | ||||||
Denbury Incorporated † | 9-18-2025 | 9,354 | 56,124 | |||
Total Warrants (Cost $142,215) | 56,124 |
See accompanying notes to portfolio of investments
18 | Wells Fargo Multi-Sector Income Fund
Portfolio of investments—January 31, 2021 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Yankee corporate bonds and notes: 9.50% | ||||||
Communication services: 0.54% | ||||||
Diversified telecommunication services: 0.10% | ||||||
Telesat Canada Incorporated 144A | 6.50% | 10-15-2027 | $ | 325,000 | $ 344,201 | |
Media: 0.33% | ||||||
Nielsen Holding and Finance BV | 5.00 | 2-1-2025 | 875,000 | 896,875 | ||
Nielsen Holding and Finance BV 144A | 5.50 | 10-1-2021 | 112,000 | 112,280 | ||
Virgin Media Finance plc 144A | 5.00 | 7-15-2030 | 200,000 | 205,906 | ||
1,215,061 | ||||||
Wireless telecommunication services: 0.11% | ||||||
Connect U.S. Finco LLC 144A | 6.75 | 10-1-2026 | 375,000 | 400,613 | ||
Energy: 1.51% | ||||||
Oil, gas & consumable fuels: 1.51% | ||||||
Baytex Energy Corporation 144A | 5.63 | 6-1-2024 | 1,575,000 | 1,335,600 | ||
Baytex Energy Corporation 144A | 8.75 | 4-1-2027 | 2,500,000 | 1,968,750 | ||
Griffin Coal Mining Company Limited 144A♦† | 9.50 | 12-1-2016 | 1,110,230 | 0 | ||
Griffin Coal Mining Company Limited ♦† | 9.50 | 12-1-2016 | 90,767 | 0 | ||
Husky Energy Incorporated | 4.40 | 4-15-2029 | 750,000 | 840,839 | ||
Northriver Midstream Finance LP 144A | 5.63 | 2-15-2026 | 1,315,000 | 1,346,271 | ||
5,491,460 | ||||||
Financials: 2.79% | ||||||
Banks: 0.98% | ||||||
ABN AMRO Bank NV 144A | 4.80 | 4-18-2026 | 750,000 | 874,714 | ||
Banco del Estado de Chile 144A | 3.88 | 2-8-2022 | 650,000 | 671,124 | ||
Corporación Andina de Fomento | 4.38 | 6-15-2022 | 958,000 | 1,006,628 | ||
NatWest Group plc (5 Year Treasury Constant Maturity+2.35%) ± | 3.03 | 11-28-2035 | 1,000,000 | 1,004,550 | ||
3,557,016 | ||||||
Capital markets: 0.19% | ||||||
Credit Suisse Group AG (5 Year Treasury Constant Maturity+3.55%) 144Aʊ± | 4.50 | 9-3-2030 | 700,000 | 693,000 | ||
Diversified financial services: 0.82% | ||||||
Intelsat Jackson Holdings SA † | 5.50 | 8-1-2023 | 4,300,000 | 2,988,500 | ||
Insurance: 0.80% | ||||||
Allied World Assurance Company Holdings Limited | 4.35 | 10-29-2025 | 385,000 | 416,631 | ||
Athene Holding Limited | 4.13 | 1-12-2028 | 750,000 | 838,265 | ||
Fairfax Financials Holdings Limited | 4.85 | 4-17-2028 | 750,000 | 840,979 | ||
Sompo International Holdings Limited | 7.00 | 7-15-2034 | 575,000 | 817,987 | ||
2,913,862 | ||||||
Health care: 1.51% | ||||||
Pharmaceuticals: 1.51% | ||||||
Bausch Health Companies Incorporated 144A | 5.50 | 11-1-2025 | 375,000 | 386,138 | ||
Bausch Health Companies Incorporated 144A | 6.13 | 4-15-2025 | 1,940,000 | 1,987,646 | ||
Bausch Health Companies Incorporated 144A | 7.00 | 1-15-2028 | 100,000 | 108,220 | ||
Bausch Health Companies Incorporated 144A | 8.50 | 1-31-2027 | 375,000 | 415,313 |
See accompanying notes to portfolio of investments
Wells Fargo Multi-Sector Income Fund | 19
Portfolio of investments—January 31, 2021 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Pharmaceuticals (continued) | ||||||
Teva Pharmaceutical Finance Netherlands III BV | 4.10% | 10-1-2046 | $ | 750,000 | $ 658,973 | |
Teva Pharmaceutical Finance Netherlands III BV | 6.75 | 3-1-2028 | 1,750,000 | 1,957,988 | ||
5,514,278 | ||||||
Industrials: 2.46% | ||||||
Aerospace & defense: 0.42% | ||||||
Bombardier Incorporated 144A | 7.88 | 4-15-2027 | 1,650,000 | 1,523,231 | ||
Airlines: 0.33% | ||||||
Air Canada Company 144A | 7.75 | 4-15-2021 | 1,200,000 | 1,207,500 | ||
Commercial services & supplies: 0.64% | ||||||
GFL Environmental Incorporated 144A | 3.50 | 9-1-2028 | 730,000 | 718,371 | ||
Ritchie Brothers Auctioneers Incorporated 144A | 5.38 | 1-15-2025 | 1,550,000 | 1,594,563 | ||
2,312,934 | ||||||
Electrical equipment: 0.08% | ||||||
Sensata Technologies BV 144A | 5.00 | 10-1-2025 | 260,000 | 286,650 | ||
Industrial conglomerates: 0.06% | ||||||
Tyco Electronics Group SA | 3.50 | 2-3-2022 | 225,000 | 230,324 | ||
Machinery: 0.07% | ||||||
Vertical Holdco GmbH 144A | 7.63 | 7-15-2028 | 250,000 | 269,688 | ||
Metals & mining: 0.22% | ||||||
Glencore Finance Canada Limited 144A | 4.25 | 10-25-2022 | 750,000 | 796,863 | ||
Road & rail: 0.21% | ||||||
Canadian Pacific Railway Company | 4.50 | 1-15-2022 | 750,000 | 778,618 | ||
Trading companies & distributors: 0.43% | ||||||
FLY Leasing Limited | 5.25 | 10-15-2024 | 1,610,000 | 1,565,725 | ||
Materials: 0.37% | ||||||
Containers & packaging: 0.37% | ||||||
Ardagh Packaging Finance plc | 4.13 | 8-15-2026 | 75,000 | 77,344 | ||
Ardagh Packaging Finance plc 144A | 5.25 | 4-30-2025 | 125,000 | 131,719 | ||
OI European Group BV 144A | 4.00 | 3-15-2023 | 1,100,000 | 1,127,500 | ||
1,336,563 | ||||||
Utilities: 0.32% | ||||||
Electric utilities: 0.18% | ||||||
Comision Federal de Electricidad 144A | 4.88 | 5-26-2021 | 650,000 | 657,735 | ||
Multi-utilities: 0.14% | ||||||
Veolia Environnement SA | 6.75 | 6-1-2038 | 350,000 | 498,024 | ||
Total Yankee corporate bonds and notes (Cost $35,920,259) | 34,581,846 |
See accompanying notes to portfolio of investments
20 | Wells Fargo Multi-Sector Income Fund
Portfolio of investments—January 31, 2021 (unaudited)
Yield | Shares | Value | ||||
Short-term investments: 4.60% | ||||||
Investment companies: 4.60% | ||||||
Wells Fargo Government Money Market Fund Select Class ♠∞## | 0.03% | 16,749,434 | $ 16,749,434 | |||
Total Short-term investments (Cost $16,749,434) | 16,749,434 | |||||
Total investments in securities (Cost $497,007,864) | 140.07% | 510,002,034 | ||||
Other assets and liabilities, net | (40.07) | (145,901,191) | ||||
Total net assets | 100.00% | $ 364,100,843 |
± | 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. |
♀ | 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 |
♦ | 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. |
## | All or a portion of this security is segregated for when-issued and unfunded loans. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
%% | The security is purchased on a when-issued basis. |
ʊ | Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
Abbreviations: | |
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 |
MYR | Malaysian ringgit |
National | National Public Finance Guarantee Corporation |
RON | Romanian lei |
RUB | Russian ruble |
SOFR | Secured Overnight Financing Rate |
TTD | Trinidad and Tobago Dollar |
ZAR | South African rand |
See accompanying notes to portfolio of investments
Wells Fargo Multi-Sector Income Fund | 21
Portfolio of investments—January 31, 2021 (unaudited)
Investments in affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | % of net assets | Shares, end of period | Income from affiliated securities | |
Short-term investments | |||||||||
Investment companies | |||||||||
Wells Fargo Government Money Market Fund Select Class | $6,300,394 | $39,724,243 | $(29,275,203) | $0 | $0 | $16,749,434 | 4.60% | 16,749,434 | $701 |
See accompanying notes to portfolio of investments
22 | Wells Fargo Multi-Sector Income Fund
Notes to portfolio of investments—January 31, 2021 (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 time 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. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.
Foreign currency translation
The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.
When-issued transactions
The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund's commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.
Loans
The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Fund purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund assumes the credit risk of both the borrower and the lender that is selling the participation. When the Fund purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding.
As of January 31, 2021, the Fund had unfunded loan commitments of $5,550,854.
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Notes to portfolio of investments—January 31, 2021 (unaudited)
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 January 31, 2021:
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Agency securities | $0 | $3,457,315 | $0 | $3,457,315 |
Asset-backed securities | 0 | 2,092,627 | 0 | 2,092,627 |
Common stocks | ||||
Energy | 7,444,692 | 0 | 0 | 7,444,692 |
Corporate bonds and notes | 0 | 245,297,075 | 0 | 245,297,075 |
Foreign corporate bonds and notes | 0 | 15,858,385 | 0 | 15,858,385 |
Foreign government bonds | 0 | 98,237,520 | 0 | 98,237,520 |
Loans | 0 | 59,335,440 | 9,242,533 | 68,577,973 |
Non-agency mortgage-backed securities | 0 | 17,649,043 | 0 | 17,649,043 |
Warrants | 0 | 56,124 | 0 | 56,124 |
Yankee corporate bonds and notes | 0 | 34,581,846 | 0 | 34,581,846 |
Short-term investments | ||||
Investment companies | 16,749,434 | 0 | 0 | 16,749,434 |
Total assets | $24,194,126 | $476,565,375 | $9,242,533 | $510,002,034 |
Additional sector, industry or geographic detail, if any, 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 | |
Balance as of October 31, 2020 | $5,577,354 |
Accrued discounts (premiums) | 1,670 |
Realized loss | (23,647) |
Change in unrealized gains (losses) | 128,240 |
Purchases | 5,661,000 |
Sales | (3,629,869) |
Transfer into Level 3 | 4,715,019 |
Transfer out of Level 3 | (3,187,234) |
Balance as of January 31, 2021 | 9,242,533 |
Change in unrealized gains (losses) relating to securities still held at January 31, 2021 | $11,109 |
24 | Wells Fargo Multi-Sector Income Fund
Notes to portfolio of investments—January 31, 2021 (unaudited)
The investment type categorized above was 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.
Wells Fargo Multi-Sector Income Fund | 25