Wells Fargo Multi-Sector Income FundPortfolio of investments —  January 31, 2020 (unaudited) 

					Interest rate			Maturity date			Principal						Value
Agency Securities : 1.29%
	FHLMC (5 Year Treasury Constant Maturity +2.06%) ±				3.53		%	9-1-2032		$	655,247				$		683,232
	FHLMC				8.50			7-1-2028			21,706						24,584
	FHLMC Series 1383 (1 Year Treasury Constant Maturity +2.25%) ±				4.15			2-1-2037			131,606						139,754
	FHLMC Series 196 Class A (1 Month LIBOR +0.80%) ±				2.48			12-15-2021			60						59
	FHLMC Series 2011-K16 Class B 144A±±				4.76			11-25-2046			1,000,000						1,042,762
	FHLMC Series 2012-K17 Class B 144A±±				4.47			12-25-2044			675,000						700,853
	FHLMC Series 2012-K18 Class B 144A±±				4.39			1-25-2045			810,000						842,559
	FHLMC Series 2013-K30 Class B 144A±±				3.67			6-25-2045			700,000						734,107
	FHLMC Series 2390 Class FD (1 Month LIBOR +0.45%) ±				2.13			12-15-2031			13,838						13,834
	FHLMC Series 2567 Class FH (1 Month LIBOR +0.40%) ±				2.08			2-15-2033			39,955						39,861
	FHLMC Series 3987 Class CI (c)				3.50			6-15-2026			4,270,327						193,095
	FHLMC Series K007 Class X1 ±±(c)				1.17			4-25-2020			267,493						3
	FHLMC Series K016 Class X1 ±±(c)				1.63			10-25-2021			321,688						6,845
	FHLMC Series K020 Class X1 ±±(c)				1.51			5-25-2022			5,999,142						159,346
	FNMA (6 Month LIBOR +1.64%) ±				4.14			9-1-2037			33,067						34,202
	FNMA				6.00			4-1-2033			55,004						56,910
	FNMA				7.50			2-1-2030			15,491						15,562
	FNMA				7.50			9-1-2030			20,735						20,864
	FNMA Series 1996-46 Class FA (1 Month LIBOR +0.50%) ±				2.16			8-25-2021			191						188
	FNMA Series 1997-20 Class IO ±±(c)				1.84			3-25-2027			218,627						4,997
	FNMA Series 2001-25 Class Z				6.00			6-25-2031			63,709						70,664
	FNMA Series 2001-35 Class F (1 Month LIBOR +0.60%) ±				2.26			7-25-2031			3,270						3,285
	FNMA Series 2001-57 Class F (1 Month LIBOR +0.50%) ±				2.16			6-25-2031			3,292						3,295
	FNMA Series 2002-77 Class FH (1 Month LIBOR +0.40%) ±				2.06			12-18-2032			22,205						22,155
	FNMA Series 2002-97 Class FR (1 Month LIBOR +0.55%) ±				2.21			1-25-2033			5,481						5,502
	FNMA Series G91-16 Class F (1 Month LIBOR +0.45%) ±				2.11			6-25-2021			727						728
	FNMA Series G92-17 Class F (1 Month LIBOR +1.05%) ±				2.71			3-25-2022			5,882						5,919
	GNMA ±±(c)				1.68			4-20-2069			8,444,975						390,068
	GNMA				6.50			6-15-2028			17,387						19,191
Total Agency Securities (Cost $4,953,748)																	5,234,424
Asset-Backed Securities : 0.71%
	Asset-Backed Funding Certificates Series 2003-AHL1 Class A1				4.18			3-25-2033			135,236						137,285
	Bear Stearns Asset Backed Securities Series 2002-2 Class A1 (1 Month LIBOR +0.66%) ±				2.32			10-25-2032			116,144						116,369
	CVS Pass-Through Trust Series T				6.04			12-10-2028			421,330						477,902
	Exeter Automobile Receivables Trust Series 15-3A Class D 144A				6.55			10-17-2022			500,000						503,136
	Five Guys Funding LLC Series 17-1A Class A2 144A				4.60			7-25-2047			992,500						1,050,012
	Mesa Trust Asset Backed Certificates Series 2001-5 Class A (1 Month LIBOR +0.80%) 144A±				2.46			12-25-2031			8,536						8,472
	MMAF Equipment Finance LLC Series 2017-AA Class A4 144A				2.41			8-16-2024			170,000						171,725
	Saxon Asset Securities Trust Series 2002-1 Class AF5				5.58			12-25-2030			102,829						106,281
	Structured Asset Securities Corporation Series 1998-2 Class A (1 Month LIBOR +0.52%) ±				2.18			2-25-2028			19,732						19,738
	Structured Asset Securities Corporation Series 2002-9 Class A2 (1 Month LIBOR +0.60%) ±				2.09			10-25-2027			24,260						24,214
	Student Loan Consolidation Center Series 2011-1 Class A (1 Month LIBOR +1.22%) 144A±				2.88			10-25-2027			242,704						243,026
Total Asset-Backed Securities (Cost $2,818,454)																	2,858,160
														Shares
Common Stocks : 0.34%
Energy : 0.34%
Energy Equipment & Services : 0.34%
	Bristow Group Incorporated (a)‡											42,370					812,826
	Bristow Group Incorporated (a)‡											30,068					576,825
																	1,389,651
														Shares				Value
Materials : 0.00%
Chemicals : 0.00%
	LyondellBasell Industries NV Class A											9				$	701
Total Common Stocks (Cost $5,851,782)																	1,390,352
					Interest rate			Maturity date			Principal
Corporate Bonds and Notes : 70.98%
Communication Services : 11.77%
Diversified Telecommunication Services : 0.80%
	AT&T Incorporated				4.00		%	1-15-2022		$	750,000						781,848
	Level 3 Financing Incorporated				5.13			5-1-2023			975,000						979,583
	Level 3 Financing Incorporated				5.38			8-15-2022			252,000						253,008
	Level 3 Financing Incorporated				5.38			1-15-2024			700,000						708,456
	Level 3 Financing Incorporated				5.63			2-1-2023			500,000						500,152
																	3,223,047
Entertainment : 0.43%
	Live Nation Entertainment Incorporated 144A				4.75			10-15-2027			50,000						51,440
	Live Nation Entertainment Incorporated 144A				4.88			11-1-2024			1,400,000						1,447,040
	Live Nation Entertainment Incorporated 144A				5.63			3-15-2026			250,000						266,250
																	1,764,730
Media : 8.81%
	CCO Holdings LLC 144A				4.00			3-1-2023			100,000						101,500
	CCO Holdings LLC 144A				5.00			2-1-2028			150,000						157,109
	CCO Holdings LLC				5.13			2-15-2023			100,000						101,000
	CCO Holdings LLC 144A				5.13			5-1-2027			450,000						470,250
	CCO Holdings LLC				5.25			9-30-2022			1,250,000						1,262,738
	CCO Holdings LLC 144A				5.38			5-1-2025			3,550,000						3,659,447
	CCO Holdings LLC 144A				5.50			5-1-2026			215,000						224,675
	CCO Holdings LLC				5.75			9-1-2023			50,000						50,563
	CCO Holdings LLC 144A				5.75			2-15-2026			3,375,000						3,541,523
	CCO Holdings LLC 144A				5.88			4-1-2024			1,250,000						1,290,100
	Charter Communications Operating LLC				5.05			3-30-2029			675,000						776,131
	CSC Holdings LLC 144A				5.38			7-15-2023			1,395,000						1,424,714
	CSC Holdings LLC 144A				5.38			2-1-2028			425,000						450,500
	CSC Holdings LLC 144A				5.50			5-15-2026			1,275,000						1,335,824
	CSC Holdings LLC 144A				7.75			7-15-2025			2,030,000						2,139,153
	Diamond Sports Group LLC 144A				5.38			8-15-2026			175,000						174,318
	Diamond Sports Group LLC 144A				6.63			8-15-2027			175,000						163,625
	DISH Network Corporation				3.38			8-15-2026			1,300,000						1,261,876
	Gray Television Incorporated 144A				5.13			10-15-2024			450,000						464,625
	Gray Television Incorporated 144A				5.88			7-15-2026			3,875,000						4,054,219
	Gray Television Incorporated 144A				7.00			5-15-2027			325,000						353,860
	Interpublic Group of Companies				4.00			3-15-2022			750,000						778,382
	Lamar Media Corporation 144A%%				3.75			2-15-2028			800,000						805,344
	Lamar Media Corporation 144A%%				4.00			2-15-2030			800,000						806,000
	Lamar Media Corporation				5.38			1-15-2024			375,000						382,125
	Lamar Media Corporation				5.75			2-1-2026			100,000						105,380
	Nexstar Broadcasting Incorporated 144A				5.63			7-15-2027			2,000,000						2,107,600
	Nielsen Finance LLC 144A				5.00			4-15-2022			1,725,000						1,733,625
	Outfront Media Capital Corporation 144A				4.63			3-15-2030			50,000						51,500
	Outfront Media Capital Corporation				5.63			2-15-2024			20,000						20,413
	QVC Incorporated %%				4.75			2-15-2027			150,000						151,456
	Salem Media Group Incorporated 144A				6.75			6-1-2024			2,600,000						2,509,000
	Scripps Escrow Incorporated 144A				5.88			7-15-2027			100,000						104,750
	Terrier Media Buyer Incorporated 144A				8.88			12-15-2027			75,000						77,250
	The E.W. Scripps Company 144A				5.13			5-15-2025			2,460,000						2,521,500
																	35,612,075
					Interest rate			Maturity date			Principal						Value
Wireless Telecommunication Services : 1.73%
	Sprint Communications Incorporated				7.00		%	8-15-2020		$	225,000				$		228,983
	Sprint Spectrum Company 144A				5.15			9-20-2029			750,000						817,500
	T-Mobile USA Incorporated				4.00			4-15-2022			650,000						667,875
	T-Mobile USA Incorporated				4.50			2-1-2026			125,000						128,554
	T-Mobile USA Incorporated				4.75			2-1-2028			425,000						452,094
	T-Mobile USA Incorporated				5.13			4-15-2025			425,000						437,669
	T-Mobile USA Incorporated				5.38			4-15-2027			1,500,000						1,601,250
	T-Mobile USA Incorporated				6.00			3-1-2023			300,000						305,484
	T-Mobile USA Incorporated				6.38			3-1-2025			975,000						1,006,385
	T-Mobile USA Incorporated				6.50			1-15-2024			80,000						82,100
	Sprint Capital Corporation				6.88			11-15-2028			175,000						178,063
	Sprint Capital Corporation				8.75			3-15-2032			975,000						1,079,813
																	6,985,770
Consumer Discretionary : 8.07%
Auto Components : 1.48%
	Allison Transmission Incorporated 144A				4.75			10-1-2027			650,000						673,923
	Allison Transmission Incorporated 144A				5.00			10-1-2024			2,250,000						2,292,233
	Allison Transmission Incorporated 144A				5.88			6-1-2029			400,000						436,682
	Cooper Tire & Rubber Company				7.63			3-15-2027			1,710,000						1,972,913
	Goodyear Tire & Rubber Company				8.75			8-15-2020			468,000						483,210
	Panther BF Aggregator 2 LP 144A				6.25			5-15-2026			125,000						134,075
																	5,993,036
Diversified Consumer Services : 1.75%
	Carriage Services Incorporated 144A				6.63			6-1-2026			1,175,000						1,251,375
	Service Corporation International				4.63			12-15-2027			650,000						679,673
	Service Corporation International				5.38			5-15-2024			100,000						102,469
	Service Corporation International				7.50			4-1-2027			3,400,000						4,131,000
	Service Corporation International				8.00			11-15-2021			850,000						935,000
																	7,099,517
Hotels, Restaurants & Leisure : 1.59%
	CCM Merger Incorporated 144A				6.00			3-15-2022			3,698,000						3,753,470
	Hilton Domestic Operating Company Incorporated				4.88			1-15-2030			100,000						105,750
	Hilton Domestic Operating Company Incorporated				5.13			5-1-2026			425,000						445,060
	Wyndham Hotels & Resorts Company 144A				5.38			4-15-2026			1,875,000						1,961,719
	Yum! Brands Incorporated 144A				4.75			1-15-2030			150,000						159,975
																	6,425,974
Internet & Direct Marketing Retail : 0.19%
	Expedia Incorporated				5.95			8-15-2020			750,000						765,960
Multiline Retail : 0.15%
	Macy's Retail Holdings Incorporated				3.88			1-15-2022			600,000						610,470
Specialty Retail : 2.33%
	Advance Auto Parts Incorporated				4.50			1-15-2022			600,000						626,046
	Asbury Automotive Group Incorporated				6.00			12-15-2024			1,175,000						1,210,250
	Group 1 Automotive Incorporated				5.00			6-1-2022			200,000						201,000
	Group 1 Automotive Incorporated 144A				5.25			12-15-2023			1,500,000						1,541,250
	Lithia Motors Incorporated 144A				4.63			12-15-2027			150,000						153,375
	Lithia Motors Incorporated 144A				5.25			8-1-2025			945,000						975,713
	Penske Auto Group Incorporated				3.75			8-15-2020			540,000						542,363
	Penske Auto Group Incorporated				5.38			12-1-2024			2,150,000						2,206,438
	Penske Auto Group Incorporated				5.75			10-1-2022			1,155,000						1,167,128
					Interest rate			Maturity date			Principal						Value
Specialty Retail (continued)
	Sonic Automotive Incorporated				6.13		%	3-15-2027		$	775,000				$		820,961
																	9,444,524
Textiles, Apparel & Luxury Goods : 0.58%
	The William Carter Company 144A				5.63			3-15-2027			825,000						878,505
	Wolverine World Wide Incorporated 144A				5.00			9-1-2026			1,411,000						1,456,858
																	2,335,363
Consumer Staples : 1.13%
Beverages : 0.17%
	Cott Beverages Incorporated 144A				5.50			4-1-2025			675,000						700,313
Food & Staples Retailing : 0.08%
	Albertsons Companies Incorporated / Safeway Incorporated 144A				4.63			1-15-2027			150,000						152,082
	Albertsons Companies Incorporated / Safeway Incorporated 144A%%				4.88			2-15-2030			150,000						154,125
																	306,207
Food Products : 0.65%
	Darling Ingredients Incorporated 144A				5.25			4-15-2027			500,000						527,500
	Lamb Weston Holdings Incorporated 144A				4.63			11-1-2024			175,000						183,750
	Pilgrim's Pride Corporation 144A				5.75			3-15-2025			1,305,000						1,340,888
	Pilgrim's Pride Corporation 144A				5.88			9-30-2027			150,000						159,105
	Prestige Brands Incorporated 144A				5.13			1-15-2028			100,000						104,500
	Prestige Brands Incorporated 144A				6.38			3-1-2024			280,000						288,750
																	2,604,493
Household Products : 0.07%
	Central Garden & Pet Company				5.13			2-1-2028			225,000						233,438
	Spectrum Brands Incorporated				5.75			7-15-2025			50,000						51,938
																	285,376
Tobacco : 0.16%
	Reynolds American Incorporated				6.88			5-1-2020			650,000						657,877
Energy : 13.35%
Energy Equipment & Services : 2.42%
	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						649,250
	Era Group Incorporated				7.75			12-15-2022			2,350,000						2,385,250
	Hilcorp Energy Company 144A				5.00			12-1-2024			1,450,000						1,319,500
	Hilcorp Energy Company 144A				5.75			10-1-2025			1,875,000						1,695,319
	Hilcorp Energy Company 144A				6.25			11-1-2028			350,000						311,500
	NGPL PipeCo LLC 144A				4.38			8-15-2022			350,000						364,694
	NGPL PipeCo LLC 144A				7.77			12-15-2037			410,000						541,975
	Oceaneering International Incorporated				6.00			2-1-2028			1,725,000						1,651,688
	USA Compression Partners LP				6.88			4-1-2026			850,000						884,000
																	9,803,176
Oil, Gas & Consumable Fuels : 10.93%
	Antero Midstream Partners LP 144A				5.75			1-15-2028			1,830,000						1,423,191
	Antero Resources Corporation				5.38			11-1-2021			400,000						382,000
	Apache Corporation				4.38			10-15-2028			750,000						798,102
	Archrock Partners LP 144A				6.25			4-1-2028			150,000						154,313
	Archrock Partners LP 144A				6.88			4-1-2027			500,000						533,353
	Boardwalk Pipelines LP				4.80			5-3-2029			750,000						793,037
	Buckeye Partners LP				5.85			11-15-2043			1,400,000						1,303,322
	Carrizo Oil & Gas Incorporated				8.25			7-15-2025			1,000,000						1,020,270
					Interest rate			Maturity date			Principal						Value
Oil, Gas & Consumable Fuels (continued)
	Carrizo Oil & Gas Incorporated				6.25		%	4-15-2023		$	350,000				$		350,875
	Cheniere Corpus Christi Holdings LLC				5.13			6-30-2027			900,000						1,002,814
	Cheniere Energy Partners LP 144A				4.50			10-1-2029			400,000						407,000
	Cheniere Energy Partners LP				5.25			10-1-2025			3,925,000						4,042,750
	Cheniere Energy Partners LP				5.63			10-1-2026			300,000						314,251
	Denbury Resources Incorporated				6.38			12-31-2024			802,000						487,060
	Denbury Resources Incorporated 144A				7.75			2-15-2024			1,123,000						901,208
	Denbury Resources Incorporated 144A				9.00			5-15-2021			2,400,000						2,256,000
	Denbury Resources Incorporated 144A				9.25			3-31-2022			676,000						591,078
	El Paso LLC				6.50			4-1-2020			750,000						755,085
	Energy Transfer Partners LP				5.20			2-1-2022			750,000						786,955
	EnLink Midstream Partners LP				4.40			4-1-2024			1,025,000						978,619
	EnLink Midstream Partners LP				4.85			7-15-2026			600,000						549,000
	EnLink Midstream Partners LP				5.05			4-1-2045			1,225,000						918,750
	EnLink Midstream Partners LP				5.38			6-1-2029			2,300,000						2,081,500
	EnLink Midstream Partners LP				5.45			6-1-2047			50,000						39,500
	Enviva Partners LP 144A				6.50			1-15-2026			1,025,000						1,093,439
	Gulfport Energy Corporation				6.00			10-15-2024			2,150,000						1,185,080
	Indigo Natural Resources LLC 144A				6.88			2-15-2026			650,000						594,750
	Kinder Morgan Energy Partners LP				3.95			9-1-2022			750,000						784,137
	Kinder Morgan Incorporated				6.50			9-15-2020			285,000						292,923
	Kinder Morgan Incorporated				7.42			2-15-2037			800,000						1,007,679
	MPLX LP 144A				6.38			5-1-2024			450,000						468,380
	Murphy Oil Corporation				4.75			9-15-2029			75,000						78,375
	Murphy Oil Corporation				5.75			8-15-2025			185,000						190,435
	Murphy Oil Corporation				5.88			12-1-2027			150,000						153,750
	Murphy Oil Corporation				6.88			8-15-2024			850,000						886,125
	Nabors Industries Incorporated				4.63			9-15-2021			78,000						78,000
	Phillips 66				4.30			4-1-2022			625,000						657,081
	Pioneer Natural Resources Company				3.95			7-15-2022			750,000						783,991
	Rockies Express Pipeline LLC 144A				3.60			5-15-2025			750,000						755,318
	Rockies Express Pipeline LLC 144A				4.80			5-15-2030			750,000						737,175
	Rockies Express Pipeline LLC 144A				5.63			4-15-2020			2,625,000						2,638,125
	Rockies Express Pipeline LLC 144A				6.88			4-15-2040			1,599,000						1,706,133
	Rockies Express Pipeline LLC 144A				7.50			7-15-2038			240,000						264,944
	Southern Star Central Corporation 144A				5.13			7-15-2022			925,000						935,826
	Southwestern Energy Company				7.50			4-1-2026			400,000						333,880
	Southwestern Energy Company				7.75			10-1-2027			975,000						809,250
	Summit Midstream Holdings LLC				5.75			4-15-2025			225,000						173,063
	Tallgrass Energy Partners LP 144A				5.50			9-15-2024			3,850,000						3,888,577
	Ultra Resources Incorporated 144A				7.13			4-15-2025			2,425,000						163,688
	Whiting Petroleum Corporation				1.25			4-1-2020			683,000						675,330
																	44,205,487
Financials : 6.98%
Banks : 1.24%
	Bank of America Corporation				5.70			1-24-2022			250,000						269,363
	Citigroup Incorporated				4.13			3-9-2021			60,000						60,960
	Citigroup Incorporated				4.50			1-14-2022			250,000						262,742
	Citigroup Incorporated (U.S. SOFR +3.23%) ±				4.70			12-31-2099			750,000						763,838
	Citigroup Incorporated				6.13			3-9-2028			75,000						89,292
	City National Bank				5.38			7-15-2022			500,000						538,339
	International Finance Corporation				7.50			5-9-2022			4,000,000						997,095
	International Finance Corporation				7.50			5-9-2022			5,000,000						1,246,369
	JPMorgan Chase & Company (3 Month LIBOR +3.25%) ±				5.15			12-29-2049			750,000						785,625
																	5,013,623
Capital Markets : 0.23%
	ACE Securities Corporation (1 Month LIBOR +2.63%) ±				4.29			6-25-2033			67,553						67,588
	AG Issuer LLC 144A%%				6.25			3-1-2028			50,000						50,000
	Goldman Sachs Group Incorporated				5.75			1-24-2022			750,000						806,661
																	924,249
					Interest rate			Maturity date			Principal						Value
Consumer Finance : 1.51%
	Ally Financial Incorporated				8.00		%	3-15-2020		$	880,000				$		885,500
	Discover Financial Services				5.20			4-27-2022			750,000						802,171
	FirstCash Incorporated 144A				5.38			6-1-2024			575,000						592,969
	Navient Corporation				8.00			3-25-2020			309,000						311,163
	Springleaf Finance Corporation				5.38			11-15-2029			625,000						649,938
	Springleaf Finance Corporation				6.13			3-15-2024			750,000						813,750
	Springleaf Finance Corporation				6.63			1-15-2028			100,000						112,500
	Springleaf Finance Corporation				7.13			3-15-2026			925,000						1,061,299
	Synchrony Financial				5.15			3-19-2029			750,000						867,241
																	6,096,531
Diversified Financial Services : 1.23%
	Jefferies Finance LLC 144A				6.25			6-3-2026			1,075,000						1,131,438
	LPL Holdings Incorporated 144A				5.75			9-15-2025			3,700,000						3,857,250
																	4,988,688
Insurance : 2.77%
	American International Group Incorporated				4.88			6-1-2022			750,000						800,977
	AmWINS Group Incorporated 144A				7.75			7-1-2026			1,625,000						1,773,939
	Assurant Incorporated				3.70			2-22-2030			750,000						790,110
	Athene Holding Limited				4.13			1-12-2028			750,000						797,422
	Brighthouse Financial Incorporated				4.70			6-22-2047			850,000						817,113
	HUB International Limited 144A				7.00			5-1-2026			625,000						643,719
	Liberty Mutual Group Incorporated 144A				4.57			2-1-2029			750,000						864,750
	NFP Corporation 144A				6.88			7-15-2025			400,000						406,804
	ProAssurance Corporation				5.30			11-15-2023			750,000						820,842
	Prudential Financial Incorporated (3 Month LIBOR +2.38%) ±				4.50			9-15-2047			750,000						797,340
	Sammons Financial Group Incorporated 144A				4.45			5-12-2027			750,000						812,381
	USI Incorporated 144A				6.88			5-1-2025			1,175,000						1,204,399
	W.R. Berkley Corporation				4.63			3-15-2022			650,000						687,353
																	11,217,149
Health Care : 6.45%
Health Care Equipment & Supplies : 0.89%
	Hill-Rom Holdings Incorporated 144A				4.38			9-15-2027			475,000						484,764
	Hill-Rom Holdings Incorporated 144A				5.00			2-15-2025			400,000						413,500
	Hologic Incorporated 144A				4.38			10-15-2025			1,925,000						1,960,285
	Hologic Incorporated 144A				4.63			2-1-2028			225,000						236,724
	Surgery Center Holdings Incorporated 144A				6.75			7-1-2025			500,000						507,085
																	3,602,358
Health Care Providers & Services : 4.59%
	Acadia Healthcare Company Incorporated				6.50			3-1-2024			190,000						195,641
	Centene Corporation 144A				5.38			6-1-2026			575,000						611,656
	Centene Corporation 144A				5.38			8-15-2026			125,000						132,656
	Centene Corporation				6.13			2-15-2024			325,000						335,563
	CHS Incorporated				5.13			8-1-2021			2,350,000						2,351,880
	Cigna Corporation 144A				3.90			2-15-2022			315,000						327,337
	CommonSpirit Health AGM Insured				3.82			10-1-2049			750,000						783,195
	Community Health Systems Incorporated 144A%%				6.63			2-15-2025			975,000						984,926
	Davita Incorporated				5.00			5-1-2025			950,000						973,750
	Encompass Health Corporation				4.50			2-1-2028			125,000						128,755
	Encompass Health Corporation				4.75			2-1-2030			125,000						130,000
	HCA Incorporated				5.25			6-15-2026			325,000						371,476
	HealthSouth Corporation				5.75			9-15-2025			575,000						598,000
	MEDNAX Incorporated 144A				5.25			12-1-2023			475,000						484,500
	MEDNAX Incorporated 144A				6.25			1-15-2027			550,000						560,313
	MPH Acquisition Holdings LLC 144A				7.13			6-1-2024			2,861,000						2,771,222
	MPT Operating Partnership LP				4.63			8-1-2029			325,000						340,031
	MPT Operating Partnership LP				5.00			10-15-2027			1,100,000						1,156,320
	MPT Operating Partnership LP				5.25			8-1-2026			1,575,000						1,651,781
	MPT Operating Partnership LP				6.38			3-1-2024			110,000						113,551
	NVA Holdings Company 144A				6.88			4-1-2026			200,000						216,000
					Interest rate			Maturity date			Principal						Value
Health Care Providers & Services (continued)
	Polaris Intermediate Corporation 144A				8.50		%	12-1-2022		$	475,000				$		443,175
	Select Medical Corporation 144A				6.25			8-15-2026			900,000						970,947
	Tenet Healthcare Corporation				4.63			7-15-2024			436,000						446,900
	Tenet Healthcare Corporation 144A				4.88			1-1-2026			1,025,000						1,066,000
	Tenet Healthcare Corporation 144A				5.13			11-1-2027			225,000						236,813
	Vizient Incorporated 144A				6.25			5-15-2027			175,000						188,633
																	18,571,021
Health Care Technology : 0.55%
	Change Healthcare Holdings Incorporated 144A				5.75			3-1-2025			1,950,000						1,986,036
	Quintiles IMS Holdings Incorporated 144A				5.00			10-15-2026			225,000						235,406
																	2,221,442
Life Sciences Tools & Services : 0.13%
	Charles River Laboratories Incorporated 144A				4.25			5-1-2028			75,000						76,094
	Charles River Laboratories Incorporated 144A				5.50			4-1-2026			275,000						292,531
	Ortho-Clinical Diagnostics Incorporated 144A				7.25			2-1-2028			150,000						152,645
																	521,270
Pharmaceuticals : 0.29%
	Bausch Health Companies Incorporated 144A				5.00			1-30-2028			250,000						253,125
	Bausch Health Companies Incorporated 144A				5.25			1-30-2030			250,000						254,688
	Bausch Health Companies Incorporated 144A				5.75			8-15-2027			75,000						80,243
	Bausch Health Companies Incorporated 144A				7.00			1-15-2028			100,000						108,314
	Bausch Health Companies Incorporated 144A				7.25			5-30-2029			50,000						56,032
	Bausch Health Companies Incorporated 144A				8.50			1-31-2027			375,000						424,219
																	1,176,621
Industrials : 6.36%
Aerospace & Defense : 1.37%
	BBA US Holdings Incorporated 144A				4.00			3-1-2028			600,000						593,441
	BBA US Holdings Incorporated 144A				5.38			5-1-2026			2,025,000						2,094,063
	L3Harris Technologies Incorporated 144A				4.95			2-15-2021			750,000						767,063
	Moog Incorporated 144A				4.25			12-15-2027			150,000						153,773
	RBS Global & Rexnord LLC 144A				4.88			12-15-2025			1,879,000						1,920,996
																	5,529,336
Air Freight & Logistics : 0.11%
	Cargo Aircraft Management Company 144A				4.75			2-1-2028			425,000						431,392
Airlines : 0.35%
	Aviation Capital Group Corporation 144A				6.75			4-6-2021			1,100,000						1,158,593
	Delta Air Lines Incorporated				4.75			11-7-2021			251,938						253,826
																	1,412,419
Commercial Services & Supplies : 2.81%
	Advanced Disposal Services Incorporated 144A				5.63			11-15-2024			1,750,000						1,822,625
	Covanta Holding Corporation				5.88			3-1-2024			1,530,000						1,556,775
	Covanta Holding Corporation				5.88			7-1-2025			515,000						534,152
	Covanta Holding Corporation				6.00			1-1-2027			575,000						598,000
	IAA Spinco Incorporated 144A				5.50			6-15-2027			1,700,000						1,803,955
	KAR Auction Services Incorporated 144A				5.13			6-1-2025			4,950,000						5,077,859
																	11,393,366
Industrial Conglomerates : 0.17%
	General Electric Capital Corporation				4.65			10-17-2021			187,000						195,359
					Interest rate			Maturity date			Principal						Value
Industrial Conglomerates (continued)
	General Electric Company				4.63		%	1-7-2021		$	505,000				$		517,099
																	712,458
Machinery : 0.91%
	Harsco Corporation 144A				5.75			7-31-2027			75,000						76,688
	Stevens Holding Company Incorporated 144A				6.13			10-1-2026			1,425,000						1,560,375
	Trimas Corporation 144A				4.88			10-15-2025			1,997,000						2,046,925
																	3,683,988
Professional Services : 0.14%
	Verisk Analytics Incorporated				5.80			5-1-2021			530,000						554,615
Trading Companies & Distributors : 0.50%
	Fortress Transportation & Infrastructure Investors LLC 144A				6.50			10-1-2025			1,900,000						2,017,173
Information Technology : 6.26%
Communications Equipment : 0.21%
	CommScope Technologies Finance LLC 144A				6.00			6-15-2025			825,000						787,364
	CommScope Technologies Finance LLC 144A				8.25			3-1-2027			50,000						51,375
																	838,739
Electronic Equipment, Instruments & Components : 0.17%
	Keysight Technologies				4.60			4-6-2027			600,000						680,792
IT Services : 1.76%
	Alliance Data Systems Corporation 144A				4.75			12-15-2024			325,000						324,041
	Cardtronics Incorporated 144A				5.50			5-1-2025			2,850,000						2,949,750
	Gartner Incorporated 144A				5.13			4-1-2025			1,525,000						1,585,360
	Infor US Incorporated				6.50			5-15-2022			550,000						552,167
	Zayo Group LLC 144A				5.75			1-15-2027			625,000						638,219
	Zayo Group LLC				6.38			5-15-2025			1,043,000						1,065,946
																	7,115,483
Semiconductors & Semiconductor Equipment : 0.23%
	Broadcom Corporation				3.50			1-15-2028			750,000						773,605
	Qorvo Incorporated 144A				4.38			10-15-2029			175,000						182,875
																	956,480
Software : 0.96%
	CDK Global Incorporated				5.00			10-15-2024			225,000						245,390
	CDK Global Incorporated 144A				5.25			5-15-2029			175,000						187,250
	CDK Global Incorporated				5.88			6-15-2026			175,000						185,938
	Fair Isaac Corporation 144A				4.00			6-15-2028			150,000						152,625
	Fair Isaac Corporation 144A				5.25			5-15-2026			950,000						1,047,375
	IQVIA Incorporated 144A				5.00			5-15-2027			250,000						263,760
	SS&C Technologies Incorporated 144A				5.50			9-30-2027			500,000						528,900
	Symantec Corporation 144A				5.00			4-15-2025			475,000						485,095
	VMware Incorporated				3.90			8-21-2027			750,000						798,526
																	3,894,859
Technology Hardware, Storage & Peripherals : 2.93%
	Dell International LLC 144A				5.88			6-15-2021			662,000						668,289
	Dell International LLC 144A				7.13			6-15-2024			4,525,000						4,756,906
	Diamond 1 Finance Corporation 144A				6.02			6-15-2026			750,000						876,059
	Hewlett-Packard Company				4.05			9-15-2022			750,000						791,991
	NCR Corporation				6.38			12-15-2023			4,650,000						4,767,552
																	11,860,797
					Interest rate			Maturity date			Principal						Value
Materials : 2.99%
Chemicals : 0.10%
	Valvoline Incorporated				5.50		%	7-15-2024		$	375,000				$		388,594
Containers & Packaging : 2.62%
	Ball Corporation				4.88			3-15-2026			575,000						629,625
	Ball Corporation				5.00			3-15-2022			25,000						26,406
	Ball Corporation				5.25			7-1-2025			190,000						212,800
	Berry Global Incorporated 144A				4.88			7-15-2026			500,000						522,426
	Berry Global Incorporated				5.13			7-15-2023			350,000						356,132
	Berry Global Incorporated 144A				5.63			7-15-2027			175,000						185,719
	Berry Global Incorporated				6.00			10-15-2022			107,000						108,873
	Crown Americas Capital Corporation V				4.25			9-30-2026			100,000						104,250
	Crown Americas Capital Corporation VI				4.75			2-1-2026			975,000						1,012,781
	Crown Cork & Seal Company Incorporated				7.38			12-15-2026			750,000						886,875
	Flex Acquisition Company Incorporated 144A				6.88			1-15-2025			1,500,000						1,505,625
	Flex Acquisition Company Incorporated 144A				7.88			7-15-2026			275,000						279,910
	Owens-Brockway Packaging Incorporated 144A				5.88			8-15-2023			325,000						347,344
	Owens-Brockway Packaging Incorporated 144A				6.38			8-15-2025			2,375,000						2,648,125
	Reynolds Group Issuer Incorporated 144A				5.13			7-15-2023			675,000						691,031
	Sealed Air Corporation 144A				5.25			4-1-2023			325,000						345,313
	Silgan Holdings Incorporated 144A				4.13			2-1-2028			750,000						745,500
																	10,608,735
Metals & Mining : 0.18%
	Indalex Holdings Corporation (a)†				11.50			2-1-2020			3,108,611						0
	Kaiser Aluminum Corporation 144A				4.63			3-1-2028			300,000						306,000
	Novelis Corporation 144A				5.88			9-30-2026			400,000						424,000
																	730,000
Paper & Forest Products : 0.09%
	Clearwater Paper Corporation 144A				5.38			2-1-2025			350,000						364,000
Real Estate : 2.66%
Equity REITs : 2.66%
	CoreCivic Incorporated				5.00			10-15-2022			575,000						589,375
	DDR Corporation				4.70			6-1-2027			600,000						660,715
	Equinix Incorporated				5.88			1-15-2026			425,000						450,500
	ESH Hospitality Incorporated 144A				4.63			10-1-2027			425,000						427,125
	ESH Hospitality Incorporated 144A				5.25			5-1-2025			1,750,000						1,793,750
	Iron Mountain Incorporated 144A				5.38			6-1-2026			150,000						156,000
	Iron Mountain Incorporated				6.00			8-15-2023			2,500,000						2,553,125
	Omega HealthCare Investors Incorporated				4.50			4-1-2027			600,000						660,299
	SBA Communications Corporation 144A%%				3.88			2-15-2027			300,000						304,125
	SBA Communications Corporation				4.00			10-1-2022			225,000						228,938
	SBA Communications Corporation				4.88			7-15-2022			640,000						648,128
	The Geo Group Incorporated				5.13			4-1-2023			800,000						754,000
	The Geo Group Incorporated				5.88			1-15-2022			600,000						592,500
	The Geo Group Incorporated				5.88			10-15-2024			840,000						779,100
	The Geo Group Incorporated				6.00			4-15-2026			184,000						163,760
																	10,761,440
Utilities : 4.96%
Electric Utilities : 0.76%
	Great Plains Energy Incorporated				4.85			6-1-2021			750,000						774,593
	NextEra Energy Operating Partners LP 144A				4.25			7-15-2024			775,000						808,108
	NextEra Energy Operating Partners LP 144A				4.25			9-15-2024			175,000						182,219
	NextEra Energy Operating Partners LP 144A				4.50			9-15-2027			1,250,000						1,303,569
																	3,068,489
					Interest rate			Maturity date			Principal						Value
Gas Utilities : 0.33%
	AmeriGas Partners LP				5.75		%	5-20-2027		$	1,000,000				$		1,092,500
	Suburban Propane Partners LP				5.88			3-1-2027			225,000						231,750
																	1,324,250
Independent Power & Renewable Electricity Producers : 3.68%
	NSG Holdings LLC 144A				7.75			12-15-2025			3,631,642						4,058,360
	Pattern Energy Group Incorporated 144A				5.88			2-1-2024			5,225,000						5,368,688
	TerraForm Power Operating LLC 144A				4.25			1-31-2023			3,025,000						3,109,307
	TerraForm Power Operating LLC 144A				4.75			1-15-2030			375,000						395,175
	TerraForm Power Operating LLC 144A				5.00			1-31-2028			675,000						729,000
	TerraForm Global Operating LLC 144A				6.13			3-1-2026			1,175,000						1,224,938
																	14,885,468
Multi-Utilities : 0.19%
	CMS Energy Corporation				5.05			3-15-2022			750,000						792,636
Total Corporate Bonds and Notes (Cost $283,885,608)																	287,161,856
Foreign Corporate Bonds and Notes : 4.30%
Financials : 4.30%
Banks : 4.23%
	European Investment Bank				7.25			6-28-2021			BRL		9,000,000				2,195,802
	European Investment Bank				8.00			5-5-2027			ZAR		21,000,000				1,471,770
	European Investment Bank				8.38			7-29-2022			ZAR		40,000,000				2,790,845
	European Investment Bank				8.75			8-18-2025			ZAR		20,000,000				1,431,456
	European Investment Bank				9.00			3-31-2021			ZAR		17,400,000				1,193,312
	International Bank for Reconstruction & Development				7.00			6-7-2023			ZAR		15,000,000				1,016,574
	International Bank for Reconstruction & Development				7.50			6-9-2021			BRL		5,000,000				1,214,706
	International Bank for Reconstruction & Development				8.25			6-22-2023			BRL		9,000,000				2,323,932
	KfW				7.50			11-10-2022			ZAR		36,000,000				2,466,273
	Landwirtschaftliche Rentenbank				8.25			5-23-2022			ZAR		15,000,000				1,031,615
																	17,136,285
Diversified Financial Services : 0.07%
	AA Bond Company Limited				4.25			7-31-2043			GBP		200,000				267,106
Total Foreign Corporate Bonds and Notes (Cost $19,142,046)																	17,403,391
Foreign Government Bonds : 25.92%
	Colombia				7.50			8-26-2026			COP		22,725,000,000				7,380,427
	Indonesia				7.50			8-15-2032			IDR		57,000,000,000				4,257,781
	Indonesia				8.25			5-15-2029			IDR		88,615,000,000				7,173,110
	Indonesia				8.38			9-15-2026			IDR		110,000,000,000				8,900,093
	Malaysia				4.18			7-15-2024			MYR		19,850,000				5,076,695
	Malaysia				4.23			6-30-2031			MYR		51,300,000				13,634,846
	Mexico				5.75			3-5-2026			MXN		117,000,000				5,929,598
	Mexico				8.50			5-31-2029			MXN		200,000,000				11,938,398
	Republic of India				7.32			1-28-2024			INR		710,000,000				10,288,400
	Republic of Trinidad and Tobago 144A				4.50			8-4-2026			TTD		750,000				807,195
	Romania				3.25			4-29-2024			RON		46,000,000				10,445,896
	Romania				5.00			2-12-2029			RON		25,000,000				6,124,176
	Russia				6.50			2-28-2024			RUB		390,000,000				6,272,328
	Russia				6.90			5-23-2029			RUB		400,000,000				6,606,452
Total Foreign Government Bonds (Cost $100,700,606)																	104,835,395
					Interest rate			Maturity date			Principal						Value
Loans : 19.31%
Communication Services : 3.80%
Diversified Telecommunication Services : 0.59%
	Level 3 Financing Incorporated (1 Month LIBOR +1.75%) ±				3.40		%	3-1-2027		$	374,717				$		373,874
	Telesat Canada (3 Month LIBOR +2.75%) ±				4.63			12-7-2026			2,000,000						2,007,000
																	2,380,874
Interactive Media & Services : 0.07%
	Buzz Merger Sub Limited (1 Month LIBOR +2.75%) ±<				4.34			1-22-2027			275,000						275,517
Media : 2.81%
	Ancestry.com Incorporated (1 Month LIBOR +4.25%) ±				5.90			8-27-2026			5,832,655						5,524,982
	Charter Communications Operating LLC (1 Month LIBOR +1.75%) ±				3.40			4-30-2025			1,078,000						1,082,883
	CSC Holdings LLC (1 Month LIBOR +2.50%) ±				4.18			4-15-2027			148,125						148,449
	Diamond Sports Group LLC (1 Month LIBOR +3.25%) ±				4.91			8-24-2026			399,000						398,378
	Gray Television Incorporated (1 Month LIBOR +2.50%) ±				4.28			1-2-2026			488,545						490,377
	Hubbard Radio LLC (1 Month LIBOR +3.50%) ±				5.15			3-28-2025			1,406,490						1,405,322
	Neptune Finco Corporation (1 Month LIBOR +2.25%) ±				3.93			1-15-2026			495,000						495,465
	Nexstar Broadcasting Incorporated (1 Month LIBOR +2.75%) ±				4.53			9-18-2026			1,246,875						1,251,863
	Nielsen Finance LLC (1 Month LIBOR +2.00%) ±				3.70			10-4-2023			459,628						459,844
	Terrier Media Buyer Incorporated (3 Month LIBOR +4.25%) ±				6.15			12-17-2026			125,000						125,906
																	11,383,469
Wireless Telecommunication Services : 0.33%
	Inmarsat plc (1 Month LIBOR +4.50%) ±				2.74			12-11-2026			875,000						879,235
	Sprint Communications Incorporated (1 Month LIBOR +2.50%) ±				4.19			2-2-2024			437,625						427,778
																	1,307,013
Consumer Discretionary : 2.45%
Auto Components : 0.39%
	Allison Transmission Incorporated (1 Month LIBOR +1.75%) ±				3.41			3-29-2026			1,031,063						1,038,539
	Belron Finance US LLC (3 Month LIBOR +2.25%) ±				4.14			11-7-2024			294,000						294,553
	Panther BF Aggregator 2 LP (1 Month LIBOR +3.50%) ±				5.16			4-30-2026			224,438						225,728
																	1,558,820
Distributors : 0.59%
	Spin Holdco Incorporated (3 Month LIBOR +3.25%) ±				5.09			11-14-2022			2,410,337						2,403,009
Hotels, Restaurants & Leisure : 1.40%
	CCM Merger Incorporated (1 Month LIBOR +2.25%) ±				3.90			8-8-2021			499,190						499,504
	Four Seasons Holdings Incorporated (1 Month LIBOR +2.00%) ±				3.65			11-30-2023			883,340						888,251
	Montreign Operating Company LLC (3 Month LIBOR +8.25%) ±				10.16			1-24-2023			4,882,987						4,264,459
																	5,652,214
Specialty Retail : 0.07%
	Rent-A-Center Incorporated (1 Month LIBOR +4.50%) ±				6.25			7-31-2026			299,250						298,502
Consumer Staples : 0.57%
Food Products : 0.53%
	Atkins Nutritionals Holdings II Incorporated (1 Month LIBOR +3.75%) ±‡				5.43			7-7-2024			219,851						222,050
	B&G Foods Incorporated (1 Month LIBOR +2.50%) ±				4.15			10-10-2026			299,250						299,872
	CHG PPC Parent LLC (1 Month LIBOR +2.75%) ±				4.40			3-31-2025			123,125						123,535
					Interest rate			Maturity date			Principal						Value
Food Products (continued)
	Prestige Brands Incorporated (1 Month LIBOR +2.00%) ±				3.65		%	1-26-2024		$	1,500,429				$		1,508,637
																	2,154,094
Household Products : 0.04%
	Reynolds Consumer Products LLC (1 Month LIBOR +1.75%) ±%%<				3.50			1-29-2027			150,000						150,626
Energy : 0.89%
Oil, Gas & Consumable Fuels : 0.89%
	Buckeye Partners LP (1 Month LIBOR +2.75%) ±				4.53			11-1-2026			150,000						151,188
	Encino Acquisition Partners Holdings LLC (1 Month LIBOR +6.75%) ±				8.40			10-29-2025			600,000						418,002
	EPIC Crude Services LP (6 Month LIBOR +5.00%) ±				7.04			3-2-2026			1,950,000						1,883,369
	Ultra Resources Incorporated (1 Month LIBOR +4.00%) ±				5.65			4-12-2024			1,987,193						1,157,043
																	3,609,602
Financials : 4.63%
Capital Markets : 1.36%
	Focus Financial Partners LLC (1 Month LIBOR +2.00%) ±				3.65			7-3-2024			742,722						744,423
	Global Business Travel Holdings Limited (3 Month LIBOR +2.50%) ±‡				4.40			8-13-2025			148,125						147,755
	Neptune Finco Corporation (1 Month LIBOR +2.25%) ±				3.93			7-17-2025			764,393						764,936
	Nexus Buyer LLC (1 Month LIBOR +3.75%) ±				5.45			11-9-2026			700,000						707,217
	Russell Investments US Institutional Holdco Incorporated (1 Month LIBOR +3.25%) ±				4.90			6-1-2023			536,961						536,827
	Tortoise Borrower LLC (1 Month LIBOR +3.50%) ±‡				5.15			1-31-2025			206,815						205,781
	VFH Parent LLC (1 Month LIBOR +3.50%) ±				5.26			3-1-2026			333,017						334,059
	Victory Capital Management Incorporated (1 Month LIBOR +2.50%) ±				4.10			7-1-2026			2,044,364						2,056,630
																	5,497,628
Consumer Finance : 0.16%
	TransUnion LLC (1 Month LIBOR +1.75%) ±				3.40			11-16-2026			666,190						668,216
Diversified Financial Services : 1.49%
	Advisor Group Holdings Incorporated <				0.00			8-1-2026			150,000						149,625
	Jefferies Finance LLC (1 Month LIBOR +3.25%) ±				5.06			6-3-2026			348,250						347,487
	LPL Holdings Incorporated (1 Month LIBOR +1.75%) ±				3.41			11-12-2026			768,331						769,776
	Resolute Investment Managers Incorporated (3 Month LIBOR +3.25%) ±				5.19			4-30-2022			2,400,615						2,401,624
	Resolute Investment Managers Incorporated (3 Month LIBOR +7.50%) ±‡				9.28			4-30-2023			1,090,000						1,087,275
	Stonepeak Lonestar Holdings LLC (3 Month LIBOR +4.50%) ±‡				6.34			10-19-2026			1,247,906						1,254,146
																	6,009,933
Insurance : 1.55%
	Alliant Holdings Intermediate LLC (1 Month LIBOR +3.00%) ±				4.65			5-9-2025			1,361,531						1,358,386
	AmWINS Group Incorporated (1 Month LIBOR +2.75%) ±				4.41			1-25-2024			877,087						882,201
	BroadStreet Partners Incorporated (3 Month LIBOR +3.25%) ±<				4.91			1-27-2027			498,590						500,335
	HUB International Limited (3 Month LIBOR +2.75%) ±				4.55			4-25-2025			1,231,250						1,227,482
	HUB International Limited (3 Month LIBOR +4.00%) ±<				5.90			4-25-2025			700,000						704,816
	Solera Holdings Incorporated (1 Month LIBOR +2.75%) ±				4.40			3-3-2023			1,069,097						1,069,771
	USI Incorporated (3 Month LIBOR +3.00%) ±				4.94			5-16-2024			293,618						292,371
	USI Incorporated (3 Month LIBOR +4.00%) ±‡				5.94			12-2-2026			225,000						226,267
																	6,261,629
Mortgage REITs : 0.07%
	Blackstone Mortgage Trust Incorporated (1 Month LIBOR +2.25%) ±‡				3.90			4-23-2026			149,251						149,905
					Interest rate			Maturity date			Principal						Value
Mortgage REITs (continued)
	Starwood Property Trust Incorporated (1 Month LIBOR +2.50%) ±‡				4.15		%	7-27-2026		$	124,688				$		125,467
																	275,372
Health Care : 0.99%
Health Care Providers & Services : 0.32%
	MPH Acquisition Holdings LLC (3 Month LIBOR +2.75%) ±				4.69			6-7-2023			429,539						421,700
	Surgery Center Holdings Incorporated (1 Month LIBOR +3.25%) ±				4.90			9-2-2024			515,597						513,555
	Team Health Holdings Incorporated (1 Month LIBOR +2.75%) ±				4.40			2-6-2024			436,159						347,837
																	1,283,092
Health Care Technology : 0.12%
	Change Healthcare Holdings Incorporated (1 Month LIBOR +2.50%) ±				4.15			3-1-2024			500,892						500,812
Life Sciences Tools & Services : 0.06%
	Syneos Health Incorporated (1 Month LIBOR +2.00%) ±				3.65			8-1-2024			236,183						236,774
Pharmaceuticals : 0.49%
	Endo Finance LLC (1 Month LIBOR +4.25%) ±				5.94			4-29-2024			289,270						278,423
	Valeant Pharmaceuticals International Incorporated (1 Month LIBOR +3.00%) ±				4.67			6-2-2025			1,709,606						1,715,589
																	1,994,012
Industrials : 2.85%
Aerospace & Defense : 0.74%
	Rexnord LLC (1 Month LIBOR +1.75%) ±				3.41			8-21-2024			585,938						588,135
	TransDigm Incorporated (1 Month LIBOR +2.50%) ±				4.15			8-22-2024			2,411,982						2,409,835
																	2,997,970
Airlines : 0.03%
	WestJet Airlines Limited (1 Month LIBOR +3.00%) ±				4.68			12-11-2026			125,000						125,695
Building Products : 0.07%
	Advanced Drainage Systems Incorporated (1 Month LIBOR +2.25%) ±				4.06			7-31-2026			300,973						302,728
Commercial Services & Supplies : 1.23%
	Advanced Disposal Services Incorporated (1 Month LIBOR +2.25%) ±				3.82			11-10-2023			1,144,031						1,143,905
	Advantage Sales & Marketing LLC (1 Month LIBOR +3.25%) ±				4.90			7-25-2021			220,477						213,076
	Advantage Sales & Marketing LLC (1 Month LIBOR +6.50%) ±				8.15			7-25-2022			1,250,000						1,136,613
	IAA Spinco Incorporated (1 Month LIBOR +2.25%) ±				3.94			6-28-2026			945,750						951,661
	KAR Auction Services Incorporated (1 Month LIBOR +2.25%) ±				3.94			9-19-2026			39,998						40,265
	NorthRiver Midstream Finance LP (3 Month LIBOR +3.25%) ±				5.16			10-1-2025			370,313						367,998
	WASH Multifamily Laundry Systems LLC (1 Month LIBOR +3.25%) ±				4.90			5-14-2022			951,231						938,551
	WASH Multifamily Laundry Systems LLC (1 Month LIBOR +3.25%) ±				4.90			5-14-2022			166,589						164,368
																	4,956,437
Construction Materials : 0.11%
	American Builders & Contractors Supply Company Incorporated (1 Month LIBOR +2.00%) ±				3.65			1-15-2027			448,875						449,153
					Interest rate			Maturity date			Principal						Value
Electrical Equipment : 0.10%
	Generac Power Systems Incorporated (1 Month LIBOR +1.75%) ±				3.53		%	12-13-2026		$	402,045				$		402,877
Machinery : 0.50%
	Altra Industrial Motion Corporation (1 Month LIBOR +2.00%) ±				3.65			10-1-2025			622,471						623,716
	Columbus McKinnon Corporation (3 Month LIBOR +2.50%) ±‡				4.44			1-31-2024			693,478						694,345
	Gates Global LLC (1 Month LIBOR +2.75%) ±				4.40			4-1-2024			595,531						594,102
	Restaurant Technologies Incorporated (1 Month LIBOR +3.25%) ±				4.90			10-1-2025			123,750						124,626
																	2,036,789
Professional Services : 0.07%
	The Dun & Bradstreet Corporation (1 Month LIBOR +4.00%) ±<				5.66			2-6-2026			275,000						276,444
Information Technology : 1.45%
Communications Equipment : 0.19%
	Ciena Corporation (1 Month LIBOR +1.75%) ±				3.41			9-26-2025			272,250						273,385
	CommScope Incorporated (1 Month LIBOR +3.25%) ±				4.90			4-6-2026			498,750						497,917
																	771,302
Electronic Equipment, Instruments & Components : 0.53%
	Dell International LLC (1 Month LIBOR +2.00%) ±				3.65			9-19-2025			2,153,203						2,160,696
IT Services : 0.42%
	Applied Systems Incorporated (3 Month LIBOR +3.25%) ±				5.19			9-19-2024			391,850						392,850
	Infor US Incorporated (3 Month LIBOR +2.75%) ±				4.69			2-1-2022			770,309						770,794
	Sophia Holding Finance LP (3 Month LIBOR +3.25%) ±				5.19			9-30-2022			131,709						131,921
	WEX Incorporated (1 Month LIBOR +2.25%) ±				3.90			5-15-2026			395,982						397,221
																	1,692,786
Software : 0.31%
	Emerald Topco Incorporated (1 Month LIBOR +3.50%) ±				5.15			7-24-2026			997,500						1,000,931
	SS&C Technologies Incorporated (1 Month LIBOR +2.25%) ±				3.40			4-16-2025			146,266						146,236
	SS&C Technologies Incorporated (1 Month LIBOR +2.25%) ±				3.40			4-16-2025			105,484						105,462
																	1,252,629
Materials : 1.01%
Containers & Packaging : 0.96%
	Berry Global Incorporated (1 Month LIBOR +2.00%) ±				3.68			10-1-2022			387,258						388,671
	Flex Acquisition Company Incorporated (3 Month LIBOR +3.25%) ±				5.16			6-29-2025			733,889						722,880
	Reynolds Group Holdings Incorporated (1 Month LIBOR +2.75%) ±				4.40			2-5-2023			2,418,938						2,420,873
	RING Container Technologies (1 Month LIBOR +2.75%) ±				4.40			10-31-2024			364,214						364,443
																	3,896,867
Paper & Forest Products : 0.05%
	Clearwater Paper Corporation (1 Month LIBOR +3.25%) ±‡				5.00			7-26-2026			200,000						200,500
Real Estate : 0.67%
Equity REITs : 0.67%
	ESH Hospitality Incorporated (1 Month LIBOR +2.00%) ±				3.65			9-18-2026			652,999						656,304
	MGM Growth Properties LLC (1 Month LIBOR +2.00%) ±				3.57			3-21-2025			229,101						229,387
	The Geo Group Incorporated (1 Month LIBOR +2.00%) ±				3.65			3-22-2024			1,926,525						1,815,152
																	2,700,843
Interest rate               Maturity Date                    Principal                                Value
Total Loans (Cost $80,159,203)                                                                                                                                                                  $																	78,124,924
Non-Agency Mortgage-Backed Securities : 4.62%
	American Money Management Corporation Series 2015-16A Class AR (3 Month LIBOR +1.26%) 144A±				3.10		%	4-14-2029		$	500,000						500,159
	Banc of America Commercial Mortgage Securities Incorporated Series 2006-03 Class AM ±±				5.86			7-10-2044			519,101						150,341
	Banc of America Funding Corporation Series 2005 Class 5-1A1				5.50			9-25-2035			145,963						156,483
	Banc of America Funding Corporation Series 2005 Class D-A1 ±±				4.53			5-25-2035			246,485						252,486
	Banc of America Merrill Lynch Commercial Mortgage Incorporated Series 2017-BNK6 Class D 144A				3.10			7-15-2060			1,000,000						927,699
	Banc of America Mortgage Securities Series 2003 Class 1A1 ±±				5.00			4-25-2033			259,673						254,638
	Benchmark Mortgage Trust Series 2018-B1 Class A2				3.57			1-15-2051			195,000						203,193
	Bluemountain CLO Limited Series 2015-2A Class A1R (3 Month LIBOR +0.93%) 144A±				2.75			7-18-2027			500,000						500,399
	Centex Home Equity Series 2002-A Class AF6				5.54			1-25-2032			20,128						20,505
	Centex Home Equity Series 2004-B Class AF6				4.69			3-25-2034			36,089						36,423
	Citigroup Commercial Mortgage Trust Series 2012-GC8 Class C 144A±±				5.04			9-10-2045			1,000,000						1,043,742
	Citigroup Commercial Mortgage Trust Series 2017-MDRB Class A (1 Month LIBOR +1.10%) 144A±				2.78			7-15-2030			518,072						514,239
	Citigroup Mortgage Loan Trust Incorporated Series 2003-HE3 Class A3 (1 Month LIBOR +0.76%) ±				2.42			12-25-2033			1,761						1,761
	Commercial Mortgage Trust Series 2012-CR2 Class C ±±				4.99			8-15-2045			1,000,000						1,037,969
	Commercial Mortgage Trust Series 2012-CR4 Class B 144A				3.70			10-15-2045			1,000,000						968,024
	Commercial Mortgage Trust Series 2012-CR5 Class E 144A±±				4.46			12-10-2045			1,000,000						986,087
	Commercial Mortgage Trust Series 2012-LC4 Class A4				3.29			12-10-2044			195,099						199,258
	Commercial Mortgage Trust Series 2012-LC4 Class AM				4.06			12-10-2044			500,000						518,142
	Commercial Mortgage Trust Series 2012-LC4 Class C ±±				5.72			12-10-2044			500,000						521,690
	Commercial Mortgage Trust Series 2013-LC13 Class D 144A±±				5.46			8-10-2046			303,000						309,790
	Countrywide Home Loans Series 2003-48 Class 2A2 ±±				4.29			10-25-2033			37,182						37,863
	Credit Suisse First Boston Mortgage Securities Series 2002-AR25 Class 1A1 ±±				3.59			9-25-2032			291,087						276,363
	Credit Suisse First Boston Mortgage Securities Series 2003-AR15 Class 3A1 ±±				4.16			6-25-2033			55,662						56,471
	Credit Suisse First Boston Mortgage Securities Series 2003-AR9 Class 2A2 ±±				4.08			3-25-2033			12,301						12,361
	Credit Suisse First Boston Mortgage Securities Series 2014-USA Class D 144A				4.37			9-15-2037			750,000						757,085
	Crown Point Limited Series 2015-3A Class A1AR (3 Month LIBOR +0.91%) 144A±				2.74			12-31-2027			393,838						394,023
	Global Mortgage Securitization Limited Series 2004-A Class A2 (1 Month LIBOR +0.32%) 144A±				1.98			11-25-2032			59,174						56,778
	GS Mortgage Securities Trust Series 2010-C1 Class X 144A±±(c)				1.46			8-10-2043			4,859,442						13,774
	GS Mortgage Securities Trust Series 2012-GCJ7 Class XA ±±(c)				2.35			5-10-2045			2,812,313						73,594
	GSAA Home Equity Trust Series 2004-5 Class AF5				4.30			6-25-2034			348						346
	GSMPS Mortgage Loan Trust Series 2006-1 Class A1 (1 Month LIBOR +0.30%) 144A±				1.96			3-25-2035			15,854						15,802
	JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-C6 Class E 144A±±				5.33			5-15-2045			400,000						389,776
	JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-C17 Class B ±±				5.05			1-15-2047			50,000						54,953
	JPMorgan Mortgage Trust Series 2004-A3 Class 2A1 ±±				4.92			7-25-2034			13,093						13,554
	JPMorgan Mortgage Trust Series 2004-A3 Class 3A3 ±±				4.11			7-25-2034			32,562						33,619
	JPMorgan Mortgage Trust Series 2005-A3 Class 11A2 ±±				4.17			6-25-2035			100,053						104,328
	MASTR Adjustable Rate Mortgage Trust Series 2003-6 Class 3A1 ±±				3.81			12-25-2033			148,907						152,054
	MASTR Adjustable Rate Mortgage Trust Series 2003-6 Class 4A2 ±±				3.93			1-25-2034			5,809						5,874
	MASTR Adjustable Rate Mortgage Trust Series 2004-13 Class 3A7 ±±				4.69			11-21-2034			7,764						7,985
	Mid-State Trust Series 11 Class A1				4.86			7-15-2038			156,694						165,879
					Interest rate			Maturity date			Principal						Value
Non-Agency Mortgage-Backed Securities (continued)
	MLCC Mortgage Investors Incorporated Series 2003-G Class A2 (6 Month LIBOR +0.68%) ±				2.57		%	1-25-2029		$	45,721				$		46,408
	Montana Higher Education Student Assistance Corporation Series 2012-1 Class A2 (1 Month LIBOR +1.00%) ±				2.66			5-20-2030			334,815						335,292
	Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5 Class XA 144A±±(c)				1.59			8-15-2045			3,808,721						106,871
	Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C10 Class D 144A±±				4.22			7-15-2046			1,000,000						1,005,615
	Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C11 Class A4 ±±				4.30			8-15-2046			569,000						611,596
	Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C7 Class D 144A±±				4.38			2-15-2046			692,000						688,510
	Morgan Stanley Capital I Trust Series 2012-C4 Class C 144A±±				5.60			3-15-2045			900,000						932,533
	Morgan Stanley Mortgage Loan Trust Series 2004-4 Class 2A ±±				6.39			9-25-2034			27,829						30,906
	New Century Home Equity Loan Trust Series 2004-3 Class M1 (1 Month LIBOR +0.93%) ±				2.59			11-25-2034			1,024,983						1,031,677
	Palmer Square Loan Funding Limited Series 2019-2A Class A1 (3 Month LIBOR +0.97%) 144A±				2.79			4-20-2027			341,794						341,966
	Provident Funding Mortgage Loan Series 2005-1 Class 2A1 ±±				4.68			5-25-2035			1,029						1,027
	Sequoia Mortgage Trust Series 2003-1 Class 1A (1 Month LIBOR +0.76%) ±				2.42			4-20-2033			7,420						7,389
	SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE Class D 144A±±				4.53			1-5-2043			1,000,000						988,002
	Structured Adjustable Rate Mortgage Loan Trust Series 2004-2 Class 2A ±±				4.13			3-25-2034			32,279						32,713
	Terwin Mortgage Trust Series 2003-6HE Class A3 (1 Month LIBOR +1.14%) ±				2.80			11-25-2033			155,324						153,157
	Vendee Mortgage Trust Series 2003-2 Class IO ±±(c)				0.67			5-15-2033			2,631,098						51,985
	Washington Mutual Mortgage Trust Series 2004-RA4 Class 3A				7.50			7-25-2034			70,432						75,808
	Wind River CLO Limited Series 2013-2A Class BR (3 Month LIBOR +1.60%) 144A±				3.42			10-18-2030			500,000						500,063
Total Non-Agency Mortgage-Backed Securities (Cost $18,698,881)																	18,667,028
						Dividend yield								Shares
Preferred Stocks : 0.71%
Energy : 0.71%
Energy Equipment & Services : 0.71%
	Bristow Group Incorporated ¥144A(a)‡					10.00					12,322						478,069
	Bristow Group Incorporated ¥(a)‡					10.00					61,352						2,380,335
Total Preferred Stocks (Cost $2,231,350)																	2,858,404
									Expiration date
Rights : 0.08%
Utilities : 0.08%
Independent Power & Renewable Electricity Producers : 0.08%
	Vistra Energy Corporation †								12-31-2046			327,375					327,375
Total Rights (Cost $340,913)																	327,375
Yankee Corporate Bonds and Notes : 9.58%
Communication Services : 0.81%
Diversified Telecommunication Services : 0.22%
	Intelsat Luxembourg SA				8.13			6-1-2023			1,400,000						567,000
	Telesat Canada Incorporated 144A				6.50			10-15-2027			325,000						340,438
																	907,438
Interest rate            Maturity date                   Principal                                        Value
Media : 0.34%
	Nielsen Holding and Finance BV 144A				5.00		%	2-1-2025		$	875,000				$		890,418
	Nielsen Holding and Finance BV 144A				5.50			10-1-2021			465,000						465,698
																	1,356,116
Wireless Telecommunication Services : 0.25%
	Connect U.S. Finco LLC 144A				6.75			10-1-2026			375,000						397,031
	Globo Communicacoes Participacoes SA 144A				4.88			4-11-2022			595,000						619,103
																	1,016,134
Consumer Staples : 0.20%
Beverages : 0.20%
	Pernod Ricard SA 144A				4.45			1-15-2022			760,000						798,567
Energy : 2.09%
Energy Equipment & Services : 0.24%
	Valaris plc				5.75			10-1-2044			2,320,000						957,000
Oil, Gas & Consumable Fuels : 1.85%
	Baytex Energy Corporation 144A				5.13			6-1-2021			1,450,000						1,443,040
	Baytex Energy Corporation 144A				5.63			6-1-2024			1,575,000						1,452,938
	Baytex Energy Corporation 144A%%				8.75			4-1-2027			2,500,000						2,434,375
	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						821,675
	Rockpoint Gas Storage Canada Limited 144A				7.00			3-31-2023			1,375,000						1,343,203
																	7,495,231
Financials : 3.08%
Banks : 0.87%
	ABN AMRO Bank NV 144A				4.80			4-18-2026			750,000						836,124
	Banco del Estado de Chile 144A				3.88			2-8-2022			650,000						668,694
	Corporación Andina de Fomento				4.38			6-15-2022			958,000						1,008,755
	Intelsat Connect Finance Company 144A				9.50			2-15-2023			400,000						212,000
	Perrigo Finance Unlimited Company				4.38			3-15-2026			750,000						803,491
																	3,529,064
Diversified Financial Services : 1.70%
	Intelsat Jackson Holdings SA				5.50			8-1-2023			4,725,000						3,862,688
	Intelsat Jackson Holdings SA 144A				8.50			10-15-2024			1,700,000						1,436,500
	Sensata Technologies UK Financing Company plc 144A				6.25			2-15-2026			800,000						840,120
	Trivium Packaging Finance BV 144A				5.50			8-15-2026			300,000						316,125
	Trivium Packaging Finance BV 144A				8.50			8-15-2027			150,000						165,000
	Tyco Electronics Group SA				3.50			2-3-2022			225,000						231,780
																	6,852,213
Insurance : 0.51%
	Allied World Assurance Company Holdings Limited				4.35			10-29-2025			385,000						416,710
	Fairfax Financials Hloldings Limited				4.85			4-17-2028			750,000						842,084
	Sompo International Holdings Limited				7.00			7-15-2034			575,000						842,084
																	804,858
Interest rate               Maturity date                        Principal																	Value
																	$            2,063,652
Health Care : 1.66%
Pharmaceuticals : 1.66%
	Bausch Health Companies Incorporated 144A				5.50		%	3-1-2023		$	909,000						911,273
	Bausch Health Companies Incorporated 144A				5.50			11-1-2025			375,000						388,436
	Bausch Health Companies Incorporated 144A				5.88			5-15-2023			103,000						103,901
	Bausch Health Companies Incorporated 144A				6.13			4-15-2025			1,940,000						1,995,523
	Bausch Health Companies Incorporated 144A				6.50			3-15-2022			325,000						331,032
	Bausch Health Companies Incorporated 144A				7.00			3-15-2024			575,000						596,103
	Teva Pharmaceutical Finance Netherlands III BV				4.10			10-1-2046			750,000						575,625
	Teva Pharmaceutical Finance Netherlands III BV				6.75			3-1-2028			1,750,000						1,822,625
																	6,724,518
Industrials : 0.87%
Commercial Services & Supplies : 0.60%
	Ritchie Brothers Auctioneers Incorporated 144A				5.38			1-15-2025			2,350,000						2,441,063
Electrical Equipment : 0.07%
	Sensata Technologies BV 144A				5.00			10-1-2025			260,000						281,450
Road & Rail : 0.20%
	Canadian Pacific Railway Company				4.50			1-15-2022			750,000						787,366
Materials : 0.58%
Containers & Packaging : 0.39%
	Ardagh Packaging Finance plc 144A				4.13			8-15-2026			75,000						77,156
	Ardagh Packaging Finance plc 144A				4.25			9-15-2022			375,000						379,688
	OI European Group BV 144A				4.00			3-15-2023			1,100,000						1,116,500
																	1,573,344
Metals & Mining : 0.19%
	Glencore Finance Canada Limited 144A				4.25			10-25-2022			750,000						785,604
Utilities : 0.29%
Electric Utilities : 0.16%
	Comision Federal de Electricidad 144A				4.88			5-26-2021			650,000						669,507
Multi-Utilities : 0.13%
	Veolia Environnement SA				6.75			6-1-2038			350,000						509,178
Total Yankee Corporate Bonds and Notes (Cost $40,279,267)																	38,747,445
YieldShares
	ShShort-Term Investments : 5.72%
Investment Companies : 5.72%
	Wells Fargo Government Money Market Fund Select Class (l)(u)##					1.51					23,149,343						23,149,343
Total Short-Term Investments (Cost $23,149,343)																	23,149,343
																	Value
Total investments in securities (Cost $582,211,201)				143.56%			$										580,758,097
Other assets and liabilities, net				(43.56)													(176,207,136)
Total net assets				100.00%												$	404,550,961
±		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.
(a)		The security is fair valued in accordance with procedures approved by the Board of Trustees.
‡		Security is valued using significant unobservable inputs.
%%		The security is purchased on a when-issued basis.
<		All or a portion of the position represents an unfunded loan commitment. The rate represents current interest rate if the loan is partially funded.
¥		A payment-in-kind (PIK) security is a security in which the issuer may make interest or dividend payments in cash or additional securities or a combination of both. The rate shown is the rate in effect at period end.
†		Non-income-earning security
(l)		The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.
(u)		The rate represents the 7-day annualized yield at period end.
##		All or a portion of this security is segregated for when-issued securities and/or unfunded loans.
Abbreviations:
AGM			Assured Guaranty Municipal
BRL			Brazilian real
COP			Colombian peso
FHLMC			Federal Home Loan Mortgage Corporation
FNMA			Federal National Mortgage Association
GBP			Great British pound
GNMA			Government National Mortgage Association
IDR			Indonesian rupiah
INR			Indian rupee
LIBOR			London Interbank Offered Rate
MXN			Mexican peso
MYR			Malaysian ringgit
REIT			Real estate investment trust
RON			Romanian lei
RUB			Russian ruble
SOFR			Secured Overnight Financing Rate
TTD			Trinidad and Tobago dollar
ZAR			South African rand

1 

Investments in Affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:
	Shares, beginning of period	Shares purchased	Shares sold	Shares, end of period	Value, end of period	% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class	25,641,491	28,833,979	(31,326,127)	23,149,343	$23,149,343	5.72%

1

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

Notes to Portfolio of investments – January 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 securitiesthat 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.   

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, 2020, the Fund had unfunded loan commitments of $1,530,781.  

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 January 31, 2020: 

	Quoted prices (Level 1)	Other significant observable inputs (Level 2)	Significant unobservable inputs (Level 3)	Total
Assets  Investments in :
Agency securities	$0	$5,234,424	$0	$5,234,424
Asset-backed securities	0	2,858,160	0	2,858,160
Common stocks
Energy	0	0	1,389,651	1,389,651
Materials	701	0	0	701
Corporate bonds and notes	0	287,161,856	0	287,161,856
Foreign corporate bonds and notes	0	17,403,391	0	17,403,391
Foreign government bonds	0	104,835,395	0	104,835,395
Loans	0	73,811,433	4,313,491	78,124,924
Non-agency mortgage-backed securities	0	18,667,028	0	18,667,028
Preferred stocks	0	0	2,858,404	2,858,404
Rights
Utilities	0	327,375	0	327,375
Yankee corporate bonds and notes	0	38,747,445	0	38,747,445
Short-term investments
Investment companies	23,149,343	0	0	23,149,343
Total assets	$23,150,044	$549,046,507	$8,561,546	$580,758,097

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)	2,575	0	0	2,575
Realized gains (losses)	(140)	0	0	(140)
Change in unrealized gains (losses)	402,341	0	0	402,341
Purchases	597,001	0	0	597,001
Sales	(229,881)	0	0	(229,881)
Transfer into Level 3	1,254,146	0	0	1,254,146
Transfer out of Level 3	(8,553,796)	0	0	(8,553,796)
Balance as of January 31, 2020	$4,313,491	$1,389,651	$2,858,404	$8,561,546

Change in unrealized gains (losses)   relating to securities still held  at January 31, 2020  $3,019  $0  $0  $3,019 

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. 

The following table summarizes quantitative information about the Fund’s Level 3 inputs as of January 31, 2020:
	Security types	Fair value at   January 31, 2020   (in thousands)	Valuation technique	Significant unobservable input	Range
	Common stock	$1,390	Market approach	Probability of outcome	20% - 60%
	Preferred stock	$2,858	Market approach	Probability of outcome	20% - 60%

Certain securities of the Fund’s Level 3 investments have been valued using inputs that have not been internally developed by the Fund, including third party investment analysis.