UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21331

Wells Fargo Multi-Sector Income Fund

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

Alexander Kymn

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-222-8222

Date of fiscal year end: October 31

Date of reporting period: April 30, 2019

ITEM 1. REPORT TO STOCKHOLDERS

Semi-Annual Report

April 30, 2019

Wells Fargo Multi-Sector Income Fund (ERC)

Beginning on January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, paper copies of the Wells Fargo Funds’ annual and semi-annual shareholder reports issued after this date will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-730-6001.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call 1-800-730-6001. Your election to receive reports in paper will apply to all Wells Fargo Funds held in your account with your financial intermediary or, if you are a direct investor, to all Wells Fargo Funds that you hold.

Reduce clutter. Save trees.

Sign up for electronic delivery of prospectuses and shareholder reports at wellsfargo.com/advantagedelivery

Contents

Letter to shareholders	2
Performance highlights	6
Portfolio of investments	10
Financial statements
Statement of assets and liabilities	31
Statement of operations	32
Statement of changes in net assets	33
Statement of cash flows	34
Financial highlights	35
Notes to financial statements	36
Other information	41
Automatic dividend reinvestment plan	45

The views expressed and any forward-looking statements are as of April 30, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

2 Wells Fargo Multi-Sector Income Fund Letter to shareholders (unaudited)

Andrew Owen

President

Wells Fargo Funds

December’s S&P 500 Index performance was the worst since 1931.

Dear Shareholder:

We are pleased to offer you this semi-annual report for the Wells Fargo Multi-Sector Income Fund for the six-month period that ended April 30, 2019. In late 2018, investor concerns about U.S. interest rate policy, trade tensions, and geopolitical events drove equity losses and restrained bond returns. Thanks to a shift in U.S. Federal Reserve (Fed) policy and positive economic and business growth metrics during the first four months of 2019, stock and bond markets globally enjoyed a consistent move higher.

For the period, U.S. stocks, as measured by the S&P 500 Index,¹ gained 9.76% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² added 9.12%. Based on the MSCI EM Index (Net)³, emerging market stocks added 13.76%. For bond investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 5.49% while the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 3.25%. The Bloomberg Barclays Municipal Bond Index⁶ added 5.68%, and the ICE BofAML U.S. High Yield Index⁷ gained 5.55%.

Conflicting data unsettled markets as 2018 ended.

November’s U.S. midterm elections shifted control of the House of Representatives from Republicans to Democrats, presaging potential partisan clashes. Third-quarter U.S. gross domestic product (GDP) was announced at an annualized 3.4% rate, lower than the second-quarter rate. Brexit efforts stalled ahead of the March 2019 deadline. The People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes even as the value of the yuan declined to low levels last seen in 2008.

December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. The Fed increased the federal funds rate by 25 basis points (100 basis points equal 1.00%) in December 2018 to a target range of between 2.25% and 2.50% and softened its outlook for 2019 rate increases.

¹ The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

²  The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the United States and Canada. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³  The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap equity market performance of emerging markets. The MSCI EM Index (Net) consists of the following 24 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates. You cannot invest directly in an index.

⁴ The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

⁵  The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

⁶  The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷ The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved.

Letter to shareholders (unaudited) Wells Fargo Multi-Sector Income Fund 3

The market climbs a wall of worry.

Investors entered 2019 with reasons to be concerned. A partial U.S. government shutdown driven by partisan spending and immigration policy disputes extended into January 2019. Investors expected high levels of stock market volatility to continue based on the VIX⁸.

January’s returns tended to support the investing adage that markets climb a wall of worry. The S&P 500 Index gained 8.01% for the month that ended January 31, 2019, its best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive. The Fed indicated that it would pause its program of regular rate increases during 2019 as inflation remained low.

In February 2019, concerns over slowing global growth reemerged. The Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, down from the 4.2% annualized rate for the second quarter and the 3.4% annualized rate for the third quarter. Analysts attributed the lower growth rate to a slowing housing market and larger trade deficit. The U.S. Department of Labor said that the economy created just 20,000 jobs in February 2019. In a February 2019 report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S., while putting future tariffs on hold for the time being, continued to wrangle over trade issues.

By the end of March 2019, the combination of dovish Fed sentiment and consistent, if not spectacular, economic and business metrics reinforced investors’ enthusiasm for equity investing. Monthly job creation data regained its momentum. Corporate profits, while lower than 2018’s lofty levels, were still solid. China announced a roughly $300 billion stimulus package through tax and fee cuts intended to reinvigorate economic growth.

During April 2019, the several broad-based U.S. equity indices reached or approached highs as investors drew confidence from favorable economic projections, sustained low inflation, and solid employment data. As expected, the Fed chose not to increase rates at its April 2019 meeting. The initial estimate of the first-quarter GDP showed the economy grew at an annualized rate of 3.20%, reflecting growth in business investment and exports. The favorable sentiment appeared to extend to investors’ outlooks for foreign investments as the MSCI ACWI ex USA Index (Net) gained 2.64% and the MSCI EM Index (Net) added 2.11%.

Don’t let short-term uncertainty derail long-term investment goals.

Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

January’s returns tended to support the investing adage that markets climb a wall of worry.

⁸  The Chicago Board Options Exchange Market Volatility Index (VIX) is a popular measure of the implied volatility of S&P 500 Index options. It represents one measure of the market’s expectation of stock market volatility over the next 30-day period. You cannot invest directly in an index.

4 Wells Fargo Multi-Sector Income Fund Letter to shareholders (unaudited)

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

Andrew Owen

President

Wells Fargo Funds

Notice to shareholders

On November 9, 2018, the Fund announced an extension of its open-market share repurchase program (the “Buyback Program”). Under the extended Buyback Program, the Fund may repurchase up to 10% of its outstanding shares during the period in open-market transactions beginning on January 1, 2019 and ending on December 31, 2019. The Fund’s Board of Trustees has delegated to Wells Fargo Funds Management, LLC, the Fund’s adviser, discretion to administer the Buyback Program including the determination of the amount and timing of repurchases in accordance with the best interests of the Fund and subject to applicable legal limitations.

The Fund’s managed distribution plan provides for the declaration of monthly distributions to common shareholders of the Fund at an annual minimum fixed rate of 9% based on the Fund’s average monthly NAV per share over the prior 12 months. Under the managed distribution plan, monthly distributions may be sourced from income, paid-in capital, and/or capital gains, if any. To the extent that sufficient investment income is not available on a monthly basis, the Fund may distribute paid-in capital and/or capital gains, if any, in order to maintain its managed distribution level. You should not draw any conclusions about the Fund’s investment performance from the amount of the Fund’s distributions or from the terms of the managed distribution plan. Shareholders may elect to reinvest distributions received pursuant to the managed distribution plan in the Fund under the existing dividend reinvestment plan, which is described later in this report.

For further information about your Fund, contact your investment professional, visit our website at wfam.com, or call us directly at 1-800-222-8222.

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6 Wells Fargo Multi-Sector Income Fund Performance highlights (unaudited)

Investment objective

The Fund seeks a high level of current income consistent with limiting its overall exposure to domestic interest rate risk.

Strategy summary

The Fund allocates its assets between three separate investment strategies, or sleeves. Under normal market conditions, the Fund will allocate approximately 30%-70% of its total assets to a sleeve consisting of non-investment-grade (high yield) corporate debt, including floating-rate high yield bank loan securities; approximately 10%-40% to a sleeve of foreign debt securities, including emerging market debt; and approximately 10%-30% to a sleeve of adjustable-rate and fixed-rate mortgage-backed securities, and investment grade corporate bonds.

Adviser

Wells Fargo Funds Management, LLC

Subadvisers

Wells Capital Management Incorporated

Wells Fargo Asset Management (International), LLC

Portfolio managers

Christopher Y. Kauffman, CFA^®‡

Michael Lee

Niklas Nordenfelt, CFA^®‡

Alex Perrin

Phillip Susser

Lauren van Biljon, CFA^®‡

Peter Wilson

Noah Wise, CFA^®‡

Average annual total returns (%) as of April 30, 2019¹

	6 months		1 year		5 year		10 year
Based on market value		12.73		5.97		6.05		10.53
Based on net asset value (NAV)		6.88		5.61		5.28		9.48
Multi-Sector Income Blended Index2		5.80		3.83		3.21		6.56
ICE BofAML U.S. Cash Pay High Yield Index3		5.58		6.74		4.83		10.09
J.P. Morgan GBI-EM Global Diversified Composite Index4		7.00		-4.93		-0.97		3.52
Bloomberg Barclays Credit Bond Index5		6.90		6.38		3.46		5.98
Bloomberg Barclays U.S. Securitized Index6		4.92		4.97		2.46		3.38
J.P. Morgan Global Government Index (ex U.S.)7		3.70		-2.68		-0.34		2.04

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the sales of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Performance figures of the Fund do not reflect brokerage commissions that a shareholder would pay on the purchase and sale of shares. If taxes and such brokerage commissions had been reflected, performance would have been lower. To obtain performance information current to the most recent month-end, please call 1-800-222-8222.

The Fund’s annualized expense ratio for the six months ended April 30, 2019, was 2.32% which includes 1.35% of interest expense.

Comparison of NAV vs. market value⁸

The Fund is leveraged through a revolving credit facility and also may incur leverage by issuing preferred shares in the future. The use of leverage results in certain risks, including, among others, the likelihood of greater volatility of net asset value and the market value of common shares. Foreign investments are especially volatile and can rise or fall dramatically due to differences in the political and economic conditions of the host country. These risks are generally intensified in emerging markets. Derivatives involve additional risks, including interest rate risk, credit risk, the risk of improper valuation, and the risk of noncorrelation to the relevant instruments that they are designed to hedge or closely track. Bond values fluctuate in response to the financial condition of individual issuers, general market and economic conditions, and changes in interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the bond market and reduced liquidity for certain bonds held by the Fund. In general, when interest rates rise, bond values fall and investors may lose principal value. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. High-yield securities have a greater risk of default and tend to be more volatile than higher-rated debt securities. The Fund is exposed to mortgage- and asset-backed securities risk. This closed-end fund is no longer available as an initial public offering and is only offered through broker-dealers on the secondary market. A closed-end fund is not required to buy its shares back from investors upon request.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Multi-Sector Income Fund 7

MANAGERS’ DISCUSSION

The Fund’s return based on market value was 12.73% for the six-month period that ended April 30, 2019. During the same period, the Fund’s return based on its net asset value (NAV) was 6.88%. On the basis of increases in the market value and NAV of its shares, the Fund outperformed the Multi-Sector Income Blended Index, which gained 5.80% over the same period.

A fairly consistent economic environment was the backdrop for fixed-income markets during the period.

For the six-month period that ended April 30, 2019, U.S. investment-grade corporate bonds, as measured by the Bloomberg Barclays U.S. Corporate Bond Index⁹, outperformed U.S. Treasury bonds of similar duration by approximately 147 basis points (bps; 100 bps equal 1.00%). Negative performance from November and December 2018 was more than offset by spread tightening seen in in the first four months of 2019 as the U.S. Federal Reserve (Fed) pivoted to a more dovish stance. Securitized sectors, as measured by the Bloomberg Barclays U.S. Securitized Index, also outperformed U.S. Treasuries of similar duration, with an excess return of approximately 16 bps. Outperformance was driven by the non-agency commercial mortgage-backed securities (CMBS) sector. The CMBS sector generated 188 bps of excess return compared with Treasuries of similar duration in 2019 through April 30, which more than compensated for 93 bps of negative excess return in November and December of 2018. Asset-backed securities (ABS) and private-label collateralized mortgage obligations also outperformed Treasuries over the most recent six-month period, with performance in 2019 through April 30 more than making up for the underperformance experienced in November and December of 2018. In general, lower-rated segments of these sectors posted larger positive excess returns when compared with bonds in the sectors that were rated AAA.

During the period, high-yield investing was supported by solid and consistent gross domestic product (GDP) growth, lack of aggressive issuance over the past several years, and the tail winds from tax reform in the U.S. high-yield spreads over Treasuries narrowed during the six-month period, offsetting a rise in interest rates. Over the six-month period, lower-quality bonds outperformed higher-rated issues—not unusual in the latter stages of an economic cycle when interest rates begin to rise.

The reporting period was a positive one for emerging markets, coinciding with a sharp move lower in U.S. bond yields. Weaker macroeconomic data prompted dovish turns from central banks in core developed markets, which supported higher-yielding markets and moved yields lower. Currencies were mixed versus the U.S. dollar, with strong gains in some (Mexican peso, Indonesian rupiah) contrasting with material weakness in others (Argentine peso, Turkish lira). The Fund maintained its tilt toward higher-yielding emerging markets over the reporting period. At a regional level, this is expressed by heavier weights in Asia and Latin America. Exposure to Indonesia was increased, and country duration was lengthened. After a period of strong gains, the Fund took profits on long-dated bonds from Mexico and New Zealand. In Mexico, holdings of a bond maturing in 2046 were switched to a bond maturing in 2029. In New Zealand, overall exposure was reduced by 2.3% alongside the switch from a bond maturing in 2037 to one maturing in 2029.

Ten largest holdings (%) as of April 30, 201910
Malaysia, 4.23%, 6-30-2031	3.07
Mexico, 8.50%, 5-31-2029	2.64
Indonesia, 8.38%, 9-15-2026	1.98
LPL Holdings Incorporated, 5.75%, 9-15-2025	1.87
Colombia, 7.50%, 8-26-2026	1.83
Indonesia, 8.25%, 5-15-2029	1.57
India, 7.80%, 4-11-2021	1.56
India, 7.16%, 5-20-2023	1.48
NGPL PipeCo LLC, 7.77%, 12-15-2037	1.44
Ancestry.com Incorporated, 5.74%, 10-19-2023	1.44

Contributors to performance included securitized sectors, high-yield bond security selection, and selected countries.

Within the mortgage and corporate sleeve of the Fund, an overweight to corporate sectors generally was the largest contributor. Securitized holdings generally added value during the period with CMBS, ABS, and non-agency residential mortgage-backed securities (RMBS) the largest contributors. Agency mortgage-backed securities (MBS) contributed modestly.

Within the Fund’s high-yield portfolio sleeve, industry allocation was net positive over the period, led largely by allocations to energy, offset by negative selection. Outperformance within packaging and underweights to and positive selection within wirelines and metals/mining were the largest contributors. Ratings allocation benefited performance modestly, primarily from an underweight to bonds rated CCC.

Please see footnotes on page 7.

8 Wells Fargo Multi-Sector Income Fund Performance highlights (unaudited)

Credit quality as of April 30, 2019¹¹

Within the Fund’s allocation to international and emerging market bonds, exposure to the bond markets of India, Indonesia, and Brazil added the most value. At the currency level, several emerging market currencies made ground against the U.S. dollar over the reporting period. The Mexican peso, Indonesian rupiah, and Indian rupee performed particularly well.

Selected securities, sector allocations, and the strength of the U.S. dollar restrained performance.

The Fund’s mortgage/corporate credit sleeve holdings in certain residential MBS and CMBS positions modestly detracted from performance during the period due to security-specific prepayment and ratings changes.

The main detractors from Fund performance in the high-yield sleeve were selection and holdings in oil-field services, technology, health care, transportation services, and media/entertainment. Maturity allocations had little impact on performance over the period.

Within international and emerging market bonds, the Brazilian real traded with a weakening bias over the reporting period, and the Fund’s exposure thus detracted from overall performance. The holding of Malaysian government bonds was also a negative.

The management teams of the Fund’s portfolio sleeves have favorable market outlooks but remain risk-aware.

The Fund’s mortgage and corporate bond sleeve viewed credit fundamentals as relatively stable during the period as gross leverage and interest coverage were flat on a year-over-year basis while revenues and cash flow continued to grow. Profit margins remained near their recent highs. The demand/supply balance was generally favorable for the sector in the first quarter as issuance was a bit lower than year-ago levels while demand picked up from both foreign buyers and retail investors. From a valuation perspective, spread levels at quarter-end presented reasonably attractive carry—the incremental income generated by a bond when compared with Treasuries of comparable maturity—but not much potential for additional tightening in the view of the team. Consequently, the team anticipates targeting a neutral to modestly overweight position in the sector, with a bias toward mid- to high-BBB issues. Team members continue to believe that financials are attractive relative to industrials, though they see opportunities in select BBB-rated industrial names. Within securitized sectors, the team is focused on shorter-duration cash flows in the senior part of the capital structure as credit fundamentals remain stable. Approximately 64% of the mortgage/corporate bond sleeve exposure is in corporate credit and around 33% is in fixed-rate and floating-rate mortgage securities. The largest industry exposures in the credit sector include banks, media and entertainment, and technology companies.

The high-yield team believes economic fundamentals are on solid footing, with a healthy consumer offset by softness among cyclical areas of the economy. The initial first-quarter 2019 GDP report was above expectations with an annualized growth rate of 3.2%. Looking through the GDP data, the growth dynamics were less strong as a significant portion of the growth came from a build in inventories and a likely temporary decline in imports. Nonetheless, consumer spending is showing strong momentum, capital spending plans have recovered, and the most recent employment report improved confidence that the shock from the equity sell-off in late 2018 is wearing off. Furthermore, the decline in Treasury rates and the Fed’s signal of being on hold as opposed to raising rates in 2019 should improve home and auto sales or, at a minimum, stabilize the decline that those areas have been experiencing. Such conditions should be a positive backdrop for credit in an environment of relatively low and stable rates with solid but not overly strong economic growth or material inflationary pressure. A material slowdown in Europe and/or an escalation in the U.S.-China trade war pose possibly the most visible risks to the U.S. economy currently.

In the view of the team managing the Fund’s international and emerging market bond sleeve, tepid global growth and muted inflationary pressures provide a constructive backdrop for sovereign bond investing, and there have been good inflows into emerging markets so far in 2019. Trade tensions and geopolitical noise pose a risk, however, and have the potential to damage sentiment. Increased selectivity is key for the quarters ahead.

Please see footnotes on page 7.

Performance highlights (unaudited) Wells Fargo Multi-Sector Income Fund 9

Effective maturity distribution as of April 30, 2019¹²

Country allocation as of April 30, 2019¹²

^‡  CFA^® and Chartered Financial Analyst^® are trademarks owned by CFA Institute.

¹ Total returns based on market value are calculated assuming a purchase of common stock on the first day and sale on the last day of the period reported. Total returns based on NAV are calculated based on the NAV at the beginning of the period and end of the period. Dividends and distributions, if any, are assumed for the purposes of these calculations to be reinvested at prices obtained under the Fund’s Automatic Dividend Reinvestment Plan.

²  Source: Wells Fargo Funds Management, LLC. The Multi-Sector Income Blended Index is composed of 60% ICE BofAML U.S. Cash Pay High Yield Index, 18% J.P. Morgan GBI-EM Global Diversified Composite Index, 7.5% Bloomberg Barclays Credit Bond Index, 7.5% Bloomberg Barclays U.S. Securitized Index, and 7% J.P. Morgan Global Government Bond Index (ex U.S.).

³  The ICE BofAML U.S. Cash Pay High Yield Index tracks the performance of U.S. dollar-denominated below investment grade corporate debt, currently in a coupon paying period, that is publicly issued in the U.S. domestic market. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved.

⁴  The J.P. Morgan GBI-EM Global Diversified Composite Index is an unmanaged index of debt instruments of 31 emerging countries. You cannot invest directly in an index.

⁵ The Bloomberg Barclays Credit Bond Index is an unmanaged index of fixed income securities composed of securities from the Bloomberg Barclays Government/Corporate Bond Index, Mortgage-Backed Securities Index, and the Asset- Backed Securities Index. You cannot invest directly in an index.

⁶  The Bloomberg Barclays U.S. Securitized Index is an unmanaged composite of asset-backed securities, collateralized mortgage-backed securities (ERISA-eligible), and fixed-rate mortgage-backed securities. You cannot invest directly in an index.

⁷  The J.P. Morgan Global Government Bond Index (ex U.S.) measures the total return from investing in 12 developed government bond markets: Australia, Belgium, Canada, Denmark, France, Germany, Italy, Japan, the Netherlands, Spain, Sweden, and the U.K. You cannot invest directly in an index.

⁸  This chart does not reflect any brokerage commissions charged on the purchase and sale of the Fund’s common stock. Dividends and distributions paid by the Fund are included in the Fund’s average annual total returns but have the effect of reducing the Fund’s NAV.

⁹  The Bloomberg Barclays U.S. Corporate Bond Index is an unmanaged market-value-weighted index of investment-grade corporate fixed-rate debt issues with maturities of one year or more. You cannot invest directly in an index.

¹⁰  The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the investments divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

¹¹ The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the total market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.

¹²  Amounts are calculated based on the total long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

10 Wells Fargo Multi-Sector Income Fund Portfolio of investments—April 30, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Agency Securities: 1.26%
FHLMC (5 Year Treasury Constant Maturity +2.07%) ±		3.54	%		9-1-2032	$	764,166	$	789,845
FHLMC		8.50			7-1-2028		25,980		29,227
FHLMC Series 1383 (1 Year Treasury Constant Maturity +2.25%) ±		4.83			2-1-2037		156,320		164,751
FHLMC Series 196 Class A (1 Month LIBOR +0.80%) ±		3.27			12-15-2021		2,341		2,346
FHLMC Series 2011-K16 Class B 144A±±		4.76			11-25-2046		1,000,000		1,039,524
FHLMC Series 2012-K17 Class B 144A±±		4.48			12-25-2044		675,000		699,853
FHLMC Series 2012-K18 Class B 144A±±		4.40			1-25-2045		810,000		837,896
FHLMC Series 2012-K711 Class B 144A±±		3.60			8-25-2045		264,000		263,770
FHLMC Series 2013-K30 Class B 144A±±		3.67			6-25-2045		700,000		711,496
FHLMC Series 2390 Class FD (1 Month LIBOR +0.45%) ±		2.92			12-15-2031		15,685		15,715
FHLMC Series 2567 Class FH (1 Month LIBOR +0.40%) ±		2.87			2-15-2033		45,246		44,920
FHLMC Series K007 Class X1 ±±(c)		1.20			4-25-2020		745,365		5,066
FHLMC Series K016 Class X1 ±±(c)		1.63			10-25-2021		336,402		10,587
FHLMC Series K020 Class X1 ±±(c)		1.54			5-25-2022		6,237,349		223,538
FNMA (6 Month LIBOR +1.64%) ±		4.52			9-1-2037		42,533		44,005
FNMA		6.00			4-1-2033		57,311		58,734
FNMA		7.50			2-1-2030		18,934		18,990
FNMA		7.50			9-1-2030		24,882		24,990
FNMA Series 1996-46 Class FA (1 Month LIBOR +0.50%) ±		2.98			8-25-2021		1,110		1,066
FNMA Series 1997-20 Class IO ±±(c)		1.84			3-25-2027		341,552		6,925
FNMA Series 2001-25 Class Z		6.00			6-25-2031		72,630		78,708
FNMA Series 2001-35 Class F (1 Month LIBOR +0.60%) ±		3.08			7-25-2031		3,714		3,754
FNMA Series 2001-57 Class F (1 Month LIBOR +0.50%) ±		2.98			6-25-2031		3,739		3,765
FNMA Series 2002-77 Class FH (1 Month LIBOR +0.40%) ±		2.88			12-18-2032		25,953		26,021
FNMA Series 2002-97 Class FR (1 Month LIBOR +0.55%) ±		3.03			1-25-2033		6,372		6,430
FNMA Series G91-16 Class F (1 Month LIBOR +0.45%) ±		2.94			6-25-2021		2,295		2,301
FNMA Series G92-17 Class F (1 Month LIBOR +1.05%) ±		3.53			3-25-2022		11,441		11,544
GNMA		6.50			6-15-2028		19,464		21,209
Total Agency Securities (Cost $4,891,513)									5,146,976
Asset-Backed Securities: 0.96%
Asset-Backed Funding Certificates Series 2003-AHL1 Class A1		4.18			3-25-2033		139,764		140,172
Bear Stearns Asset Backed Securities Series 2002-2 Class A1 (1 Month LIBOR +0.66%) ±		3.14			10-25-2032		134,542		134,869
Countrywide Asset Backed Certificates Series 2003-5 Class AF5		5.13			2-25-2034		78,446		78,568
CVS Pass-Through Trust Series T		6.04			12-10-2028		447,984		487,139
Exeter Automobile Receivables Trust Series 15-3A Class D 144A		6.55			10-17-2022		500,000		514,530
Five Guys Funding LLC Series 17-1A Class A2 144A		4.60			7-25-2047		992,500		1,024,896
Mesa Trust Asset Backed Certificates Series 2001-5 Class A (1 Month LIBOR +0.80%) 144A±		3.28			12-25-2031		9,971		9,861
MMAF Equipment Finance LLC Series 2017-AA Class A4 144A		2.41			8-16-2024		170,000		168,817
Saxon Asset Securities Trust Series 2002-1 Class AF5		5.69			12-25-2030		109,973		111,949
Saxon Asset Securities Trust Series 2003-1 Class AF7		4.03			6-25-2033		318,835		324,252
Structured Asset Securities Corporation Series 1998-2 Class A (1 Month LIBOR +0.52%) ±		3.00			2-25-2028		50,548		50,406
Structured Asset Securities Corporation Series 2002-9 Class A2 (1 Month LIBOR +0.60%) ±		3.08			10-25-2027		29,701		29,483
Student Loan Consolidation Center Series 2011-1 Class A (1 Month LIBOR +1.22%) 144A±		3.70			10-25-2027		338,162		340,333
World Financial Network Credit Card Master Trust Series 2016-C Class M		1.98			8-15-2023		500,000		497,618
Total Asset-Backed Securities (Cost $3,906,494)									3,912,893

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—April 30, 2019 (unaudited) Wells Fargo Multi-Sector Income Fund 11

Security name						Shares		Value
Common Stocks: 0.00%
Materials: 0.00%
Chemicals: 0.00%
LyondellBasell Industries NV Class A							9	$	794
Total Common Stocks (Cost $779)									794
	Interest rate			Maturity date		Principal
Corporate Bonds and Notes: 73.04%
Communication Services: 11.41%
Diversified Telecommunication Services: 1.09%
AT&T Incorporated		3.80	%		3-15-2022	$	750,000		769,114
GCI Incorporated		6.75			6-1-2021		1,000,000		1,001,875
Level 3 Financing Incorporated		5.13			5-1-2023		975,000		985,013
Level 3 Financing Incorporated		5.38			8-15-2022		300,000		301,125
Level 3 Financing Incorporated		5.38			1-15-2024		700,000		708,750
Level 3 Financing Incorporated		5.63			2-1-2023		500,000		505,000
Level 3 Financing Incorporated		6.13			1-15-2021		175,000		175,656
									4,446,533
Entertainment: 0.41%
Live Nation Entertainment Incorporated 144A		4.88			11-1-2024		1,400,000		1,427,563
Live Nation Entertainment Incorporated 144A		5.63			3-15-2026		250,000		260,625
									1,688,188
Media: 8.33%
CCO Holdings LLC 144A		4.00			3-1-2023		100,000		100,250
CCO Holdings LLC 144A		5.00			2-1-2028		150,000		149,813
CCO Holdings LLC		5.13			2-15-2023		100,000		101,500
CCO Holdings LLC 144A		5.13			5-1-2027		450,000		456,750
CCO Holdings LLC		5.25			9-30-2022		1,250,000		1,270,313
CCO Holdings LLC 144A		5.38			5-1-2025		3,550,000		3,674,250
CCO Holdings LLC 144A		5.50			5-1-2026		215,000		221,880
CCO Holdings LLC		5.75			9-1-2023		50,000		51,125
CCO Holdings LLC 144A		5.75			2-15-2026		3,375,000		3,531,094
CCO Holdings LLC 144A		5.88			4-1-2024		1,250,000		1,305,888
Clear Channel Worldwide Holdings Incorporated 144A		9.25			2-15-2024		25,000		26,906
CSC Holdings LLC 144A		5.38			7-15-2023		1,395,000		1,426,388
CSC Holdings LLC 144A		5.38			2-1-2028		425,000		431,906
CSC Holdings LLC 144A		5.50			5-15-2026		1,275,000		1,309,266
CSC Holdings LLC 144A		7.75			7-15-2025		2,030,000		2,181,616
DISH Network Corporation		3.38			8-15-2026		1,300,000		1,192,506
EMI Music Publishing Group 144A		7.63			6-15-2024		1,425,000		1,510,500
Gray Television Incorporated 144A		5.13			10-15-2024		450,000		457,875
Gray Television Incorporated 144A		5.88			7-15-2026		3,875,000		3,993,691
Gray Television Incorporated 144A		7.00			5-15-2027		325,000		350,898
Interpublic Group of Companies		4.00			3-15-2022		750,000		767,492
Lamar Media Corporation		5.38			1-15-2024		375,000		383,906
Lamar Media Corporation 144A		5.75			2-1-2026		100,000		105,008
National CineMedia LLC		6.00			4-15-2022		1,900,000		1,914,250

The accompanying notes are an integral part of these financial statements.

12 Wells Fargo Multi-Sector Income Fund Portfolio of investments—April 30, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Media (continued)
Nexstar Broadcasting Group Incorporated 144A		6.13	%		2-15-2022	$	1,025,000	$	1,039,094
Nielsen Finance LLC 144A		5.00			4-15-2022		175,000		174,136
Outfront Media Capital Corporation		5.63			2-15-2024		20,000		20,610
Outfront Media Capital Corporation		5.88			3-15-2025		775,000		801,156
Salem Media Group Incorporated 144A		6.75			6-1-2024		2,200,000		1,980,000
The E.W. Scripps Company 144A		5.13			5-15-2025		2,460,000		2,337,000
Time Warner Cable Incorporated		4.00			1-15-2022		750,000		772,538
									34,039,605
Wireless Telecommunication Services: 1.58%
Sprint Capital Corporation		6.88			11-15-2028		575,000		550,203
Sprint Capital Corporation		8.75			3-15-2032		975,000		1,023,750
Sprint Communications Incorporated		7.00			8-15-2020		225,000		233,438
T-Mobile USA Incorporated		4.00			4-15-2022		650,000		656,500
T-Mobile USA Incorporated		4.50			2-1-2026		125,000		125,520
T-Mobile USA Incorporated		4.75			2-1-2028		425,000		428,719
T-Mobile USA Incorporated		5.13			4-15-2025		425,000		437,750
T-Mobile USA Incorporated		5.38			4-15-2027		1,500,000		1,578,300
T-Mobile USA Incorporated		6.00			3-1-2023		300,000		308,625
T-Mobile USA Incorporated		6.38			3-1-2025		975,000		1,013,717
T-Mobile USA Incorporated		6.50			1-15-2024		80,000		82,800
									6,439,322
Consumer Discretionary: 8.14%
Auto Components: 1.56%
Allison Transmission Incorporated 144A		4.75			10-1-2027		650,000		636,877
Allison Transmission Incorporated 144A		5.00			10-1-2024		2,250,000		2,275,695
Allison Transmission Incorporated 144A		5.88			6-1-2029		400,000		411,500
Cooper Tire & Rubber Company		7.63			3-15-2027		1,710,000		1,812,600
Cooper Tire & Rubber Company		8.00			12-15-2019		600,000		617,400
Goodyear Tire & Rubber Company		8.75			8-15-2020		468,000		500,760
Panther BF Aggregator 2 LP 144A%%		6.25			5-15-2026		125,000		130,475
									6,385,307
Distributors: 0.26%
LKQ Corporation		4.75			5-15-2023		1,075,000		1,083,063
Diversified Consumer Services: 1.51%
Carriage Services Incorporated 144A		6.63			6-1-2026		575,000		592,250
Service Corporation International		4.63			12-15-2027		650,000		654,875
Service Corporation International		5.38			5-15-2024		100,000		102,636
Service Corporation International		7.50			4-1-2027		3,400,000		3,901,500
Service Corporation International		8.00			11-15-2021		850,000		926,500
									6,177,761
Hotels, Restaurants & Leisure: 1.47%
CCM Merger Incorporated 144A		6.00			3-15-2022		3,553,000		3,646,266
Hilton Domestic Operating Company Incorporated 144A		5.13			5-1-2026		425,000		435,094
Wyndham Hotels & Resorts Company 144A		5.38			4-15-2026		1,875,000		1,912,500
									5,993,860

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—April 30, 2019 (unaudited) Wells Fargo Multi-Sector Income Fund 13

Security name	Interest rate			Maturity date		Principal		Value
Internet & Direct Marketing Retail: 0.19%
Expedia Incorporated		5.95	%		8-15-2020	$	750,000	$	778,451
Multiline Retail: 0.15%
Macy’s Retail Holdings Incorporated		3.88			1-15-2022		600,000		604,698
Specialty Retail: 2.45%
Advance Auto Parts Incorporated		4.50			1-15-2022		600,000		620,551
Asbury Automotive Group Incorporated		6.00			12-15-2024		1,175,000		1,213,188
Group 1 Automotive Incorporated		5.00			6-1-2022		200,000		202,750
Group 1 Automotive Incorporated 144A		5.25			12-15-2023		1,500,000		1,537,500
Lithia Motors Incorporated 144A		5.25			8-1-2025		945,000		952,088
Penske Auto Group Incorporated		3.75			8-15-2020		540,000		540,540
Penske Auto Group Incorporated		5.38			12-1-2024		2,150,000		2,176,875
Penske Auto Group Incorporated		5.75			10-1-2022		1,155,000		1,173,769
Sonic Automotive Incorporated		5.00			5-15-2023		849,000		838,388
Sonic Automotive Incorporated		6.13			3-15-2027		775,000		751,750
									10,007,399
Textiles, Apparel & Luxury Goods: 0.55%
The William Carter Company 144A		5.63			3-15-2027		825,000		852,844
Wolverine World Wide Incorporated 144A		5.00			9-1-2026		1,411,000		1,375,725
									2,228,569
Consumer Staples: 1.50%
Beverages: 0.17%
Cott Beverages Incorporated 144A		5.50			4-1-2025		675,000		683,438
Food Products: 1.09%
B&G Foods Incorporated		4.63			6-1-2021		300,000		300,000
B&G Foods Incorporated		5.25			4-1-2025		1,050,000		1,030,260
Darling Ingredients Incorporated 144A		5.25			4-15-2027		400,000		407,000
Kraft Heinz Foods Company		3.50			6-6-2022		750,000		759,105
Lamb Weston Holdings Incorporated 144A		4.63			11-1-2024		175,000		177,604
Pilgrim’s Pride Corporation 144A		5.75			3-15-2025		1,305,000		1,324,575
Pilgrim’s Pride Corporation 144A		5.88			9-30-2027		150,000		154,875
Prestige Brands Incorporated 144A		6.38			3-1-2024		280,000		289,100
									4,442,519
Household Products: 0.08%
Central Garden & Pet Company		5.13			2-1-2028		225,000		213,750
Spectrum Brands Incorporated		5.75			7-15-2025		50,000		51,063
Spectrum Brands Incorporated		6.63			11-15-2022		63,000		64,405
									329,218
Tobacco: 0.16%
Reynolds American Incorporated		6.88			5-1-2020		650,000		674,529

The accompanying notes are an integral part of these financial statements.

14 Wells Fargo Multi-Sector Income Fund Portfolio of investments—April 30, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Energy: 14.95%
Energy Equipment & Services: 4.36%
Bristow Group Incorporated		6.25	%		10-15-2022	$	3,855,000	$	925,200
Bristow Group Incorporated 144A		8.75			3-1-2023		775,000		651,000
Diamond Offshore Drilling Incorporated		4.88			11-1-2043		1,325,000		851,313
Era Group Incorporated		7.75			12-15-2022		2,350,000		2,303,000
Hilcorp Energy Company 144A		5.00			12-1-2024		1,450,000		1,439,125
Hilcorp Energy Company 144A		5.75			10-1-2025		1,875,000		1,889,063
Hilcorp Energy Company 144A		6.25			11-1-2028		350,000		356,563
NGPL PipeCo LLC 144A		4.38			8-15-2022		350,000		358,750
NGPL PipeCo LLC 144A		4.88			8-15-2027		550,000		567,875
NGPL PipeCo LLC 144A		7.77			12-15-2037		4,785,000		5,873,588
Oceaneering International Incorporated		6.00			2-1-2028		1,725,000		1,688,344
USA Compression Partners LP		6.88			4-1-2026		850,000		891,438
									17,795,259
Oil, Gas & Consumable Fuels: 10.59%
Archrock Partners LP 144A		6.88			4-1-2027		500,000		520,625
Carrizo Oil & Gas Incorporated		8.25			7-15-2025		800,000		814,000
Cheniere Corpus Christi Holdings LLC		5.13			6-30-2027		900,000		938,250
Cheniere Energy Partners LP		5.25			10-1-2025		3,925,000		4,003,500
Cheniere Energy Partners LP 144A		5.63			10-1-2026		300,000		309,888
Denbury Resources Incorporated		6.38			8-15-2021		3,209,000		2,663,470
Denbury Resources Incorporated 144A		9.25			3-31-2022		676,000		684,450
El Paso LLC		6.50			4-1-2020		750,000		773,658
Energy Transfer Partners LP		5.20			2-1-2022		750,000		788,932
EnLink Midstream Partners LP		4.40			4-1-2024		3,200,000		3,176,000
EnLink Midstream Partners LP		4.85			7-15-2026		600,000		594,750
EnLink Midstream Partners LP		5.38			6-1-2029		50,000		50,190
Gulfport Energy Corporation		6.00			10-15-2024		150,000		131,532
Kinder Morgan Energy Partners LP		3.95			9-1-2022		750,000		770,625
Kinder Morgan Incorporated		6.50			9-15-2020		285,000		298,415
Kinder Morgan Incorporated		7.42			2-15-2037		800,000		932,471
Murphy Oil Corporation		4.45			12-1-2022		1,250,000		1,254,080
Murphy Oil Corporation		5.75			8-15-2025		185,000		190,093
Murphy Oil Corporation		6.88			8-15-2024		850,000		890,723
Nabors Industries Incorporated		0.75			1-15-2024		1,425,000		1,026,531
Nabors Industries Incorporated		4.63			9-15-2021		750,000		747,188
Phillips 66		4.30			4-1-2022		625,000		651,236
Pioneer Natural Resources Company		3.95			7-15-2022		750,000		773,716
Rockies Express Pipeline LLC 144A		5.63			4-15-2020		2,625,000		2,683,669
Rockies Express Pipeline LLC 144A		6.88			4-15-2040		1,974,000		2,146,725
Rockies Express Pipeline LLC 144A		7.50			7-15-2038		240,000		269,018
Rose Rock Midstream LP		5.63			7-15-2022		1,300,000		1,288,625
Rose Rock Midstream LP		5.63			11-15-2023		825,000		783,750
SemGroup Corporation		6.38			3-15-2025		3,425,000		3,262,313
SemGroup Corporation		7.25			3-15-2026		1,000,000		967,500
Southern Star Central Corporation 144A		5.13			7-15-2022		925,000		930,966
Southwestern Energy Company		7.50			4-1-2026		400,000		406,000
Southwestern Energy Company		7.75			10-1-2027		400,000		405,000

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—April 30, 2019 (unaudited) Wells Fargo Multi-Sector Income Fund 15

Security name	Interest rate			Maturity date		Principal		Value
Oil, Gas & Consumable Fuels (continued)
Summit Midstream Holdings LLC		5.75	%		4-15-2025	$	225,000	$	207,563
Tallgrass Energy Partners LP 144A		5.50			9-15-2024		5,200,000		5,356,000
Tesoro Logistics LP		6.38			5-1-2024		450,000		472,781
Ultra Resources Incorporated 144A		7.13			4-15-2025		2,425,000		351,625
Williams Partners LP		3.35			8-15-2022		750,000		755,925
									43,271,783
Financials: 5.99%
Banks: 0.48%
Bank of America Corporation		5.70			1-24-2022		250,000		269,304
Citigroup Incorporated		4.13			3-9-2021		60,000		60,825
Citigroup Incorporated		4.50			1-14-2022		250,000		260,082
Citigroup Incorporated		6.13			3-9-2028		75,000		83,531
City National Bank		5.38			7-15-2022		500,000		534,374
JPMorgan Chase & Company		3.38			5-1-2023		750,000		759,615
									1,967,731
Capital Markets: 0.42%
ACE Securities Corporation (1 Month LIBOR +2.63%) ±		5.10			6-25-2033		121,196		121,153
Blackstone Holdings Finance Company LLC 144A%%		5.88			3-15-2021		750,000		789,966
Goldman Sachs Group Incorporated		5.75			1-24-2022		750,000		804,496
									1,715,615
Consumer Finance: 1.23%
Ally Financial Incorporated		8.00			3-15-2020		880,000		916,300
Discover Financial Services		5.20			4-27-2022		750,000		797,433
FirstCash Incorporated 144A		5.38			6-1-2024		575,000		587,938
General Motors Financial Company Incorporated		3.70			5-9-2023		750,000		753,501
Navient Corporation		8.00			3-25-2020		930,000		963,713
Springleaf Finance Corporation		7.13			3-15-2026		925,000		993,219
									5,012,104
Diversified Financial Services: 2.08%
ING US Incorporated		5.50			7-15-2022		327,000		350,321
LPL Holdings Incorporated 144A		5.75			9-15-2025		7,500,000		7,631,250
Vantiv LLC 144A		4.38			11-15-2025		500,000		513,750
									8,495,321
Insurance: 1.78%
American International Group Incorporated		4.88			6-1-2022		750,000		791,433
AmWINS Group Incorporated 144A		7.75			7-1-2026		1,125,000		1,133,438
Hartford Financial Services Group Incorporated		5.13			4-15-2022		650,000		691,602
HUB International Limited 144A		7.00			5-1-2026		500,000		504,375
Liberty Mutual Group Incorporated 144A		4.57			2-1-2029		750,000		787,407
ProAssurance Corporation		5.30			11-15-2023		750,000		801,864
Prudential Financial Incorporated (3 Month LIBOR +2.38%) ±		4.50			9-15-2047		750,000		735,000
USIS Merger Subordinate Incorporated 144A		6.88			5-1-2025		1,175,000		1,170,594
W.R. Berkley Corporation		4.63			3-15-2022		650,000		680,344
									7,296,057

The accompanying notes are an integral part of these financial statements.

16 Wells Fargo Multi-Sector Income Fund Portfolio of investments—April 30, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Health Care: 7.87%
Biotechnology: 0.19%
Amgen Incorporated		3.63	%		5-15-2022	$	750,000	$	768,120
Health Care Equipment & Supplies: 1.10%
Hill-Rom Holdings Incorporated 144A		5.00			2-15-2025		400,000		407,000
Hill-Rom Holdings Incorporated 144A		5.75			9-1-2023		200,000		207,500
Hologic Incorporated 144A		4.38			10-15-2025		1,925,000		1,906,953
Hologic Incorporated 144A		4.63			2-1-2028		225,000		220,781
Kinetics Concepts Incorporated 144A		7.88			2-15-2021		1,247,000		1,273,187
Surgery Center Holdings Incorporated 144A		6.75			7-1-2025		500,000		465,000
									4,480,421
Health Care Providers & Services: 5.52%
Acadia Healthcare Company Incorporated		6.50			3-1-2024		190,000		196,650
Centene Corporation 144A		5.38			6-1-2026		575,000		600,156
Centene Corporation		6.13			2-15-2024		325,000		340,438
CHS Incorporated		5.13			8-1-2021		2,350,000		2,314,750
Coventry Health Care Incorporated		5.45			6-15-2021		750,000		782,936
Davita Incorporated		5.00			5-1-2025		950,000		929,518
Express Scripts Holding Company		3.90			2-15-2022		665,000		681,224
HCA Incorporated		5.25			6-15-2026		325,000		347,141
HealthSouth Corporation		5.75			9-15-2025		575,000		590,226
MEDNAX Incorporated 144A		5.25			12-1-2023		475,000		483,313
MEDNAX Incorporated 144A		6.25			1-15-2027		550,000		561,000
MPH Acquisition Holdings LLC 144A		7.13			6-1-2024		2,861,000		2,875,877
MPT Operating Partnership LP		5.00			10-15-2027		1,100,000		1,102,750
MPT Operating Partnership LP		5.25			8-1-2026		1,575,000		1,604,531
MPT Operating Partnership LP		6.38			3-1-2024		110,000		115,830
NVA Holdings Company 144A		6.88			4-1-2026		200,000		202,000
Polaris Intermediate Corporation 144A		8.50			12-1-2022		475,000		472,625
Select Medical Corporation		6.38			6-1-2021		3,050,000		3,053,813
Tenet Healthcare Corporation		4.63			7-15-2024		436,000		437,228
Tenet Healthcare Corporation		6.00			10-1-2020		700,000		723,625
Vizient Incorporated 144A%%		6.25			5-15-2027		175,000		181,125
Vizient Incorporated 144A		10.38			3-1-2024		3,550,000		3,829,030
WellCare Health Plans Incorporated 144A		5.38			8-15-2026		125,000		130,913
									22,556,699
Health Care Technology: 0.60%
Change Healthcare Holdings Incorporated 144A		5.75			3-1-2025		1,950,000		1,932,938
Quintiles IMS Holdings Incorporated 144A		4.88			5-15-2023		300,000		304,875
Quintiles IMS Holdings Incorporated 144A		5.00			10-15-2026		225,000		229,781
									2,467,594
Life Sciences Tools & Services: 0.26%
Charles River Laboratories Incorporated 144A		5.50			4-1-2026		275,000		287,719
Life Technologies Corporation		6.00			3-1-2020		750,000		769,262
									1,056,981

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—April 30, 2019 (unaudited) Wells Fargo Multi-Sector Income Fund 17

Security name	Interest rate			Maturity date		Principal		Value
Pharmaceuticals: 0.20%
Bausch Health Companies Incorporated 144A		5.75	%		8-15-2027	$	75,000	$	78,150
Watson Pharmaceuticals Incorporated		3.25			10-1-2022		750,000		749,046
									827,196
Industrials: 5.44%
Aerospace & Defense: 0.73%
BAE Systems Holdings Incorporated 144A		3.80			10-7-2024		1,000,000		1,018,991
L-3 Communications Corporation		4.95			2-15-2021		750,000		772,563
RBS Global & Rexnord LLC 144A		4.88			12-15-2025		1,200,000		1,201,452
									2,993,006
Airlines: 0.87%
Aviation Capital Group Corporation 144A		6.75			4-6-2021		1,100,000		1,173,282
BBA US Holdings Incorporated 144A		5.38			5-1-2026		2,025,000		2,075,625
Delta Air Lines Incorporated		4.75			11-7-2021		314,041		318,680
									3,567,587
Commercial Services & Supplies: 2.65%
Advanced Disposal Services Incorporated 144A		5.63			11-15-2024		1,750,000		1,837,500
Aramark Services Incorporated 144A		5.00			2-1-2028		225,000		229,005
Aramark Services Incorporated		5.13			1-15-2024		545,000		563,394
Covanta Holding Corporation		5.88			3-1-2024		1,530,000		1,573,988
Covanta Holding Corporation		5.88			7-1-2025		515,000		527,875
Covanta Holding Corporation		6.00			1-1-2027		1,150,000		1,170,125
KAR Auction Services Incorporated 144A		5.13			6-1-2025		4,950,000		4,950,000
									10,851,887
Electrical Equipment: 0.13%
Resideo Funding Incorporated 144A		6.13			11-1-2026		500,000		517,500
Industrial Conglomerates: 0.05%
General Electric Capital Corporation		4.65			10-17-2021		187,000		193,717
Machinery: 0.71%
Stevens Holding Company Incorporated 144A		6.13			10-1-2026		1,425,000		1,499,813
Trimas Corporation 144A		4.88			10-15-2025		1,391,000		1,389,261
									2,889,074
Professional Services: 0.14%
Verisk Analytics Incorporated		5.80			5-1-2021		530,000		559,812
Road & Rail: 0.16%
TTX Company 144A		2.60			6-15-2020		650,000		649,076
Information Technology: 5.96%
Communications Equipment: 0.41%
CommScope Technologies Finance LLC 144A		6.00			6-15-2025		825,000		837,911
CommScope Technologies Finance LLC 144A		8.25			3-1-2027		50,000		54,000
Motorola Solutions Incorporated		3.75			5-15-2022		750,000		768,285
									1,660,196

The accompanying notes are an integral part of these financial statements.

18 Wells Fargo Multi-Sector Income Fund Portfolio of investments—April 30, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Electronic Equipment, Instruments & Components: 0.15%
Keysight Technologies		4.60	%		4-6-2027	$	600,000	$	622,440
IT Services: 2.03%
Cardtronics Incorporated 144A		5.50			5-1-2025		2,261,000		2,227,085
First Data Corporation 144A		5.00			1-15-2024		950,000		973,855
First Data Corporation 144A		5.38			8-15-2023		332,000		339,437
First Data Corporation 144A		5.75			1-15-2024		375,000		386,484
Gartner Incorporated 144A		5.13			4-1-2025		1,525,000		1,561,936
Infor Software Parent LLC (PIK at 7.88%) 144A¥		7.13			5-1-2021		550,000		551,375
Infor US Incorporated		6.50			5-15-2022		550,000		559,796
Zayo Group LLC 144A		5.75			1-15-2027		625,000		634,375
Zayo Group LLC		6.38			5-15-2025		1,043,000		1,061,252
									8,295,595
Software: 0.59%
CDK Global Incorporated		5.00			10-15-2024		225,000		233,060
CDK Global Incorporated		5.88			6-15-2026		175,000		184,188
Fair Isaac Corporation 144A		5.25			5-15-2026		950,000		988,000
SS&C Technologies Incorporated 144A		5.50			9-30-2027		500,000		512,813
Symantec Corporation 144A		5.00			4-15-2025		475,000		484,337
									2,402,398
Technology Hardware, Storage & Peripherals: 2.78%
Dell International LLC 144A		5.88			6-15-2021		1,000,000		1,018,387
Dell International LLC 144A		7.13			6-15-2024		4,525,000		4,787,169
Hewlett-Packard Company		4.05			9-15-2022		750,000		776,097
NCR Corporation		5.88			12-15-2021		5,000		5,038
NCR Corporation		6.38			12-15-2023		4,650,000		4,777,875
									11,364,566
Materials: 2.38%
Chemicals: 0.28%
Dow Chemical Company		4.13			11-15-2021		750,000		770,992
Valvoline Incorporated		5.50			7-15-2024		375,000		384,375
									1,155,367
Containers & Packaging: 2.00%
Ball Corporation		4.88			3-15-2026		575,000		595,844
Ball Corporation		5.00			3-15-2022		25,000		26,000
Ball Corporation		5.25			7-1-2025		190,000		201,163
Berry Global Incorporated		5.13			7-15-2023		350,000		355,250
Berry Global Incorporated		6.00			10-15-2022		215,000		221,450
Crown Americas Capital Corporation V		4.25			9-30-2026		100,000		97,375
Crown Americas Capital Corporation VI		4.75			2-1-2026		975,000		990,844
Crown Cork & Seal Company Incorporated		7.38			12-15-2026		35,000		39,200
Flex Acquisition Company Incorporated 144A		6.88			1-15-2025		1,500,000		1,410,000
Flex Acquisition Company Incorporated 144A		7.88			7-15-2026		275,000		257,730

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—April 30, 2019 (unaudited) Wells Fargo Multi-Sector Income Fund 19

Security name	Interest rate			Maturity date		Principal		Value
Containers & Packaging (continued)
Owens-Brockway Glass Container Incorporated 144A		5.88	%		8-15-2023	$	325,000	$	340,031
Owens-Illinois Incorporated 144A		6.38			8-15-2025		2,375,000		2,523,438
Reynolds Group Issuer Incorporated 144A		5.13			7-15-2023		675,000		684,794
Sealed Air Corporation 144A		5.25			4-1-2023		325,000		338,000
Silgan Holdings Incorporated		5.50			2-1-2022		75,000		75,375
									8,156,494
Metals & Mining: 0.10%
Indalex Holdings Corporation (a)†		11.50			2-1-2020		3,108,611		0
Novelis Corporation 144A		5.88			9-30-2026		400,000		406,500
									406,500
Real Estate: 4.31%
Equity REITs: 4.31%
Alexandria Real Estate Company		4.60			4-1-2022		650,000		679,185
American Tower Corporation		5.90			11-1-2021		650,000		696,322
CoreCivic Incorporated		5.00			10-15-2022		575,000		575,000
DDR Corporation		4.70			6-1-2027		600,000		619,237
Equinix Incorporated		5.75			1-1-2025		1,375,000		1,426,563
Equinix Incorporated		5.88			1-15-2026		425,000		448,375
ESH Hospitality Incorporated 144A		5.25			5-1-2025		1,750,000		1,756,563
Essex Portfolio LP		3.63			8-15-2022		750,000		763,608
Iron Mountain Incorporated 144A		5.25			3-15-2028		675,000		664,875
Iron Mountain Incorporated 144A		5.38			6-1-2026		150,000		148,500
Iron Mountain Incorporated		6.00			8-15-2023		2,500,000		2,564,063
Omega HealthCare Investors Incorporated		4.50			4-1-2027		600,000		608,171
Sabra Health Care LP		5.38			6-1-2023		900,000		914,625
Sabra Health Care LP		5.50			2-1-2021		1,225,000		1,235,719
SBA Communications Corporation		4.00			10-1-2022		225,000		226,125
SBA Communications Corporation		4.88			7-15-2022		640,000		648,800
The Geo Group Incorporated		5.13			4-1-2023		800,000		750,000
The Geo Group Incorporated		5.88			1-15-2022		600,000		591,000
The Geo Group Incorporated		5.88			10-15-2024		840,000		768,600
The Geo Group Incorporated		6.00			4-15-2026		184,000		164,680
Ventas Realty LP		4.25			3-1-2022		650,000		670,647
Welltower Incorporated		5.25			1-15-2022		650,000		686,858
									17,607,516
Utilities: 5.09%
Electric Utilities: 0.53%
Great Plains Energy Incorporated		4.85			6-1-2021		750,000		772,647
NextEra Energy Operating Partners LP 144A		4.25			9-15-2024		175,000		175,569
NextEra Energy Operating Partners LP 144A		4.50			9-15-2027		1,250,000		1,228,125
									2,176,341
Gas Utilities: 0.31%
AmeriGas Partners LP		5.75			5-20-2027		1,000,000		1,032,500
Suburban Propane Partners LP		5.88			3-1-2027		225,000		218,813
									1,251,313

The accompanying notes are an integral part of these financial statements.

20 Wells Fargo Multi-Sector Income Fund Portfolio of investments—April 30, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Independent Power & Renewable Electricity Producers: 4.05%
NSG Holdings LLC 144A		7.75	%		12-15-2025	$	4,095,683	$	4,402,860
Pattern Energy Group Incorporated 144A		5.88			2-1-2024		5,225,000		5,382,847
TerraForm Global Operating LLC 144A		4.25			1-31-2023		3,025,000		2,990,969
TerraForm Power Operating LLC 144A		5.00			1-31-2028		675,000		665,719
TerraForm Power Operating LLC 144A		6.13			3-1-2026		1,175,000		1,175,000
TerraForm Power Operating LLC 144A		6.63			6-15-2025		1,850,000		1,933,250
									16,550,645
Multi-Utilities: 0.20%
CMS Energy Corporation		5.05			3-15-2022		750,000		792,054
Total Corporate Bonds and Notes (Cost $298,173,778)									298,376,425
Foreign Corporate Bonds and Notes @: 6.12%
Financials: 6.12%
Banks: 6.06%
European Investment Bank (BRL)		7.25			6-28-2021		9,000,000		2,339,344
European Investment Bank (BRL)		7.50			4-13-2022		9,000,000		2,344,600
European Investment Bank (ZAR)		8.00			5-5-2027		21,000,000		1,457,478
European Investment Bank (ZAR)		8.38			7-29-2022		40,000,000		2,869,878
European Investment Bank (ZAR)		8.75			8-18-2025		20,000,000		1,442,642
European Investment Bank (ZAR)		9.00			3-31-2021		17,400,000		1,255,354
International Bank for Reconstruction & Development (ZAR)		7.00			6-7-2023		15,000,000		1,028,766
International Bank for Reconstruction & Development (BRL)		7.50			6-9-2021		5,000,000		1,303,971
International Bank for Reconstruction & Development (BRL)		8.25			6-22-2023		9,000,000		2,382,791
International Finance Corporation (BRL)		7.50			5-9-2022		14,000,000		3,658,009
KfW (AUD)		5.00			3-19-2024		1,300,000		1,050,117
KfW (ZAR)		7.50			11-10-2022		36,000,000		2,528,529
Landwirtschaftliche Rentenbank (ZAR)		8.25			5-23-2022		15,000,000		1,074,799
									24,736,278
Diversified Financial Services: 0.06%
AA Bond Company Limited (GBP)		4.25			7-31-2043		200,000		266,115
Total Foreign Corporate Bonds and Notes (Cost $26,614,672)									25,002,393
Foreign Government Bonds @: 22.45%
Colombia (COP)		6.00			4-28-2028		6,800,000,000		2,022,348
Colombia (COP)		7.00			9-11-2019		18,500,000,000		5,775,479
Colombia (COP)		7.50			8-26-2026		22,725,000,000		7,487,818
India (INR)		7.16			5-20-2023		420,000,000		6,029,438
India (INR)		7.80			4-11-2021		435,000,000		6,363,604
Indonesia (IDR)		7.50			8-15-2032		57,000,000,000		3,754,504
Indonesia (IDR)		8.25			5-15-2029		88,615,000,000		6,405,154
Indonesia (IDR)		8.38			9-15-2026		110,000,000,000		8,070,434
Malaysia (MYR)		4.18			7-15-2024		19,850,000		4,900,195
Malaysia (MYR)		4.23			6-30-2031		51,300,000		12,550,937

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—April 30, 2019 (unaudited) Wells Fargo Multi-Sector Income Fund 21

Security name	Interest rate			Maturity date		Principal		Value
Foreign Government Bonds @ (continued)
Mexico (MXN)		5.75	%		3-5-2026		117,000,000	$	5,427,260
Mexico (MXN)		8.50			5-31-2029		200,000,000		10,800,543
New Zealand (NZD)		3.00			4-20-2029		1,070,000		785,044
New Zealand (NZD)		4.50			4-15-2027		3,085,000		2,476,920
Queensland Treasury (AUD)		5.75			7-22-2024		4,100,000		3,457,750
Republic of Peru (PEN)		6.35			8-12-2028		16,400,000		5,393,678
Total Foreign Government Bonds (Cost $92,728,138)									91,701,106
Loans: 20.55%
Communication Services: 3.29%
Diversified Telecommunication Services: 0.73%
Level 3 Financing Incorporated (1 Month LIBOR +2.25%) ±		4.73			2-22-2024	$	555,420		555,559
Telesat Canada (3 Month LIBOR +2.50%) ±		5.11			11-17-2023		2,423,377		2,414,289
									2,969,848
Media: 2.45%
Ancestry.com Incorporated (1 Month LIBOR +3.25%) ±		5.74			10-19-2023		5,861,965		5,864,896
Charter Communications Operating LLC (1 Month LIBOR +2.00%) ±		4.49			4-30-2025		1,086,250		1,088,173
CSC Holdings LLC (1 Month LIBOR +2.50%) ±		4.97			1-25-2026		148,500		148,191
Gray Television Incorporated (1 Month LIBOR +2.50%) ±		4.98			1-2-2026		573,563		574,423
Hubbard Radio LLC (1 Month LIBOR +3.50%) ±		5.99			3-28-2025		1,548,023		1,541,568
National CineMedia LLC (1 Month LIBOR +3.00%) ±		5.50			6-20-2025		297,750		296,169
Neptune Finco Corporation (1 Month LIBOR +2.25%) ±		4.72			1-15-2026		498,750		496,132
									10,009,552
Wireless Telecommunication Services: 0.11%
Sprint Communications Incorporated (1 Month LIBOR +2.50%) ±		5.00			2-2-2024		441,000		427,880
Consumer Discretionary: 3.62%
Auto Components: 0.38%
Allison Transmission Incorporated (1 Month LIBOR +2.00%) ±		4.48			3-30-2026		1,036,245		1,043,042
Belron Finance US LLC (3 Month LIBOR +2.25%) ±‡		4.99			11-7-2024		296,250		295,326
Panther BF Aggregator 2 LP (1 Month LIBOR +3.50%) ±<‡		0.00			3-18-2026		225,000		225,704
									1,564,072
Distributors: 0.59%
Spin Holdco Incorporated (3 Month LIBOR +3.25%) ±		5.85			11-14-2022		2,428,878		2,397,011
Hotels, Restaurants & Leisure: 2.50%
CCM Merger Incorporated (1 Month LIBOR +2.25%) ±		4.73			8-8-2021		560,494		560,213
Four Seasons Holdings Incorporated (1 Month LIBOR +2.00%) ±		4.48			11-30-2023		890,170		889,850
Greektown Holdings LLC (1 Month LIBOR +2.75%) ±		5.23			4-25-2024		4,498,747		4,495,013
Montreign Operating Company LLC (3 Month LIBOR +8.25%) ±(a)		10.88			1-24-2023		5,320,269		4,256,215
									10,201,291
Internet & Direct Marketing Retail: 0.06%
Shutterfly Incorporated (1 Month LIBOR +2.75%) ±		5.24			8-17-2024		243,978		243,138

The accompanying notes are an integral part of these financial statements.

22 Wells Fargo Multi-Sector Income Fund Portfolio of investments—April 30, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Specialty Retail: 0.09%
ABC Supply Company Incorporated (1 Month LIBOR +2.00%) ±		4.48	%		10-31-2023	$	373,096	$	369,675
Consumer Staples: 0.06%
Food Products: 0.06%
CHG PPC Parent LLC (1 Month LIBOR +2.75%) ±‡		5.23			3-31-2025		124,063		123,986
Prestige Brands Incorporated (1 Month LIBOR +2.00%) ±		4.48			1-26-2024		127,375		126,977
									250,963
Energy: 1.39%
Energy Equipment & Services: 0.22%
Hornbeck Offshore Services Incorporated (6 Month LIBOR +9.50%) ±‡		9.50			2-5-2025		1,126,250		912,263
Oil, Gas & Consumable Fuels: 1.17%
Encino Acquisition Partners Holdings LLC (1 Month LIBOR +6.75%) ±‡		9.23			10-29-2025		600,000		558,000
EPIC Crude Services LP (1 Month LIBOR +5.00%) ±		7.49			2-20-2026		1,950,000		1,938,632
Grizzly Acquisitions Incorporated (3 Month LIBOR +3.25%) ±		5.85			10-1-2025		373,125		374,315
Lucid Energy Group II Borrower LLC (1 Month LIBOR +3.00%) ±		5.48			2-17-2025		222,750		217,807
Ultra Resources Incorporated (1 Month LIBOR +4.00%) ±		6.49			4-12-2024		2,000,444		1,688,715
									4,777,469
Financials: 3.26%
Capital Markets: 0.83%
Focus Financial Partners LLC (1 Month LIBOR +2.50%) ±		4.98			7-3-2024		447,620		448,739
Global Business Travel Holdings Limited (3 Month LIBOR +2.50%) ±‡		5.19			8-13-2025		149,250		149,250
Neptune Finco Corporation (1 Month LIBOR +2.25%) ±		4.72			7-17-2025		770,288		766,329
Russell Investments US Institutional Holdco Incorporated (3 Month LIBOR +3.25%) ±		5.85			6-1-2023		588,608		586,842
Tortoise Borrower LLC (1 Month LIBOR +3.50%) ±‡		5.98			1-31-2025		198,995		199,492
VFH Parent LLC (2 Month LIBOR +3.50%) ±		6.13			1-3-2026		250,000		251,188
Victory Capital Holdings Incorporated (1 Month LIBOR +2.75%) ±‡		5.23			2-12-2025		1,005,148		1,004,525
									3,406,365
Consumer Finance: 0.01%
TransUnion LLC (1 Month LIBOR +2.00%) ±		4.48			6-19-2025		49,625		49,584
Diversified Financial Services: 1.24%
LPL Holdings Incorporated (1 Month LIBOR +2.25%) ±‡		4.74			9-23-2024		1,060,944		1,062,270
Nielsen Finance LLC (1 Month LIBOR +2.00%) ±		4.47			10-4-2023		463,173		461,033
Resolute Investment Managers Incorporated (3 Month LIBOR +3.25%) ±		5.85			4-30-2022		2,420,226		2,429,302
Resolute Investment Managers Incorporated (3 Month LIBOR +7.50%) ±‡		10.08			4-30-2023		1,090,000		1,095,450
									5,048,055
Insurance: 1.18%
Alliant Holdings Intermediate LLC (1 Month LIBOR +2.75%) ±		5.24			5-9-2025		1,371,898		1,346,325
AmWINS Group Incorporated (1 Month LIBOR +2.75%) ±		5.23			1-25-2024		883,877		882,772
Hub International Limited (3 Month LIBOR +2.75%) ±		5.34			4-25-2025		1,240,625		1,226,978
Solera Holdings Incorporated (1 Month LIBOR +2.75%) ±		5.23			3-3-2023		1,077,428		1,078,193
USI Incorporated (3 Month LIBOR +3.00%) ±		5.60			5-16-2024		295,871		292,765
									4,827,033

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—April 30, 2019 (unaudited) Wells Fargo Multi-Sector Income Fund 23

Security name	Interest rate			Maturity date		Principal		Value
Health Care: 2.11%
Health Care Equipment & Supplies: 0.32%
Kinetic Concepts Incorporated (3 Month LIBOR +3.25%) ±		5.85	%		2-2-2024	$	1,312,854	$	1,315,730
Health Care Providers & Services: 1.03%
MPH Acquisition Holdings LLC (3 Month LIBOR +2.75%) ±		5.35			6-7-2023		429,539		425,050
Press Ganey Holdings Incorporated (1 Month LIBOR +2.75%) ±		5.23			10-23-2023		2,165,811		2,163,104
Press Ganey Holdings Incorporated (1 Month LIBOR +6.50%) ±		8.98			10-21-2024		516,856		515,347
Surgery Center Holdings Incorporated (1 Month LIBOR +3.25%) ±		5.74			9-2-2024		519,553		512,627
Team Health Holdings Incorporated (1 Month LIBOR +2.75%) ±‡		5.23			2-6-2024		439,523		411,503
Vizient Incorporated (1 Month LIBOR +2.75%) ±		5.23			2-13-2023		192,929		192,757
									4,220,388
Health Care Technology: 0.16%
Change Healthcare Holdings Incorporated (1 Month LIBOR +2.75%) ±		5.23			3-1-2024		642,275		641,928
Life Sciences Tools & Services: 0.07%
Syneos Health Incorporated (1 Month LIBOR +2.00%) ±		4.48			8-1-2024		302,030		301,024
Pharmaceuticals: 0.53%
Endo Finance LLC (1 Month LIBOR +4.25%) ±		6.75			4-29-2024		291,495		287,852
Valeant Pharmaceuticals International Incorporated (1 Month LIBOR +3.00%) ±		5.47			6-2-2025		1,865,682		1,873,070
									2,160,922
Industrials: 2.36%
Aerospace & Defense: 0.59%
TransDigm Incorporated (1 Month LIBOR +2.50%) ±		4.98			8-22-2024		2,430,441		2,418,289
Commercial Services & Supplies: 0.86%
Advanced Disposal Services Incorporated (1 Month LIBOR +2.25%) ±		4.68			11-10-2023		1,153,408		1,155,231
Advantage Sales & Marketing LLC (1 Month LIBOR +3.25%) ±		5.73			7-25-2021		222,173		194,044
Advantage Sales & Marketing LLC (1 Month LIBOR +6.50%) ±		8.98			7-25-2022		1,250,000		926,275
KAR Auction Services Incorporated (3 Month LIBOR +2.50%) ±		5.13			3-9-2023		152,819		152,628
WASH Multifamily Laundry Systems LLC (1 Month LIBOR +3.25%) ±‡		5.73			5-14-2022		1,126,598		1,098,434
									3,526,612
Electrical Equipment: 0.13%
Generac Power Systems Incorporated (1 Month LIBOR +1.75%) ±‡		4.25			5-31-2023		425,780		425,780
Resideo Funding Incorporated (3 Month LIBOR +2.00%) ±‡		4.61			10-24-2025		99,750		99,625
									525,405
Machinery: 0.57%
Columbus McKinnon Corporation (3 Month LIBOR +2.50%) ±‡		5.10			1-31-2024		826,602		826,602
Gates Global LLC (1 Month LIBOR +2.75%) ±		5.23			4-1-2024		600,101		600,725
Harsco Corporation (1 Month LIBOR +2.25%) ±‡		4.75			12-6-2024		99,250		99,498
RBS Global Incorporated (1 Month LIBOR +2.00%) ±		4.48			8-21-2024		679,688		679,878
Restaurant Technologies Incorporated (1 Month LIBOR +3.25%) ±		5.73			10-1-2025		124,688		124,843
									2,331,546

The accompanying notes are an integral part of these financial statements.

24 Wells Fargo Multi-Sector Income Fund Portfolio of investments—April 30, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Professional Services: 0.18%
TransUnion (1 Month LIBOR +2.00%) ±		4.48	%		4-10-2023	$	715,090	$	715,090
Trading Companies & Distributors: 0.03%
Avolon TLB Borrower 1 LLC (1 Month LIBOR +2.00%) ±		4.49			1-15-2025		142,431		142,347
Information Technology: 1.75%
Communications Equipment: 0.19%
Ciena Corporation (1 Month LIBOR +2.00%) ±		4.49			9-26-2025		273,625		273,797
CommScope Incorporated (1 Month LIBOR +3.25%) ±		5.73			4-6-2026		500,000		503,905
									777,702
Electronic Equipment, Instruments & Components: 0.55%
Dell Incorporated (1 Month LIBOR +2.00%) ±		4.49			9-7-2023		2,238,126		2,238,126
IT Services: 0.85%
Applied Systems Incorporated (1 Month LIBOR +3.00%) ±		5.48			9-19-2024		394,746		394,059
First Data Corporation (1 Month LIBOR +2.00%) ±		4.48			4-26-2024		1,775,000		1,774,468
Infor US Incorporated (1 Month LIBOR +2.75%) ±		5.23			2-1-2022		774,947		775,087
Sophia Holding Finance LP (3 Month LIBOR +3.25%) ±		5.85			9-30-2022		138,961		138,986
Wex Incorporated (1 Month LIBOR +2.25%) ±		4.73			6-30-2023		398,974		399,349
									3,481,949
Semiconductors & Semiconductor Equipment: 0.09%
Micron Technology Incorporated (1 Month LIBOR +1.75%) ±		4.24			4-26-2022		340,375		340,630
Software: 0.07%
SS&C Technologies Incorporated (1 Month LIBOR +2.25%) ±		4.73			4-16-2025		290,296		290,334
Materials: 0.96%
Containers & Packaging: 0.96%
Berry Plastics Corporation (1 Month LIBOR +2.00%) ±		4.48			10-1-2022		387,258		386,491
Flex Acquisition Company Incorporated (3 Month LIBOR +3.25%) ±		5.88			6-29-2025		744,375		731,661
Reynolds Group Holdings Incorporated (1 Month LIBOR +2.75%) ±		5.23			2-5-2023		2,437,641		2,440,761
RING Container Technologies (1 Month LIBOR +2.75%) ±		5.23			10-31-2024		370,499		368,491
									3,927,404
Real Estate: 1.33%
Equity REITs: 0.85%
Blackstone Mortgage Trust Incorporated (1 Month LIBOR +2.50%) ±<‡		0.00			4-23-2026		150,000		150,000
ESH Hospitality Incorporated (1 Month LIBOR +2.00%) ±		4.48			8-30-2023		1,133,750		1,132,254
MGM Growth Properties LLC (1 Month LIBOR +2.00%) ±		4.48			3-21-2025		315,126		314,845
The Geo Group Incorporated (1 Month LIBOR +2.00%) ±		4.49			3-22-2024		1,941,382		1,875,259
									3,472,358

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—April 30, 2019 (unaudited) Wells Fargo Multi-Sector Income Fund 25

Security name	Interest rate			Maturity date		Principal		Value
Real Estate Management & Development: 0.52%
Capital Automotive LP (1 Month LIBOR +2.50%) ±		4.99	%		3-24-2024	$	1,343,414	$	1,339,223
Capital Automotive LP (1 Month LIBOR +6.00%) ±		8.48			3-24-2025		767,818		769,546
									2,108,769
Utilities: 0.38%
Independent Power & Renewable Electricity Producers: 0.38%
TerraForm Power Operating LLC (1 Month LIBOR +2.00%) ±‡		4.48			11-8-2022		666,563		664,063
Vistra Energy Corporation (1 Month LIBOR +2.25%) ±		4.73			12-14-2023		882,648		884,193
									1,548,256
Total Loans (Cost $86,185,545)									83,939,008
Non-Agency Mortgage-Backed Securities: 3.95%
American Money Management Corporation Series 2015-16A Class AR (3 Month LIBOR +1.26%) 144A±		3.86			4-14-2029		500,000		499,994
Argent Securities Incorporated Series 2004-W5 Class AV3B (1 Month LIBOR +0.90%) ±		3.38			4-25-2034		48,174		48,141
Banc of America Commercial Mortgage Securities Incorporated Series 2006-03 Class AM ±±		5.86			7-10-2044		547,504		193,373
Banc of America Commercial Mortgage Securities Incorporated Series 2007-1 Class AMFX ±±		5.48			1-15-2049		119,385		119,855
Banc of America Funding Corporation Series 2005 Class 5-1A1		5.50			9-25-2035		181,049		195,158
Banc of America Funding Corporation Series 2005 Class D-A1 ±±		4.69			5-25-2035		339,415		356,582
Banc of America Mortgage Securities Series 2003 Class 1A1 ±±		5.00			4-25-2033		259,673		253,920
Benchmark Mortgage Trust Series 2018-B1 Class A2		3.57			1-15-2051		195,000		200,337
Bluemountain CLO Limited Series 2015-2A Class A1R (3 Month LIBOR +0.93%) 144A±		3.53			7-18-2027		500,000		497,835
Centex Home Equity Series 2002-A Class AF6		5.54			1-25-2032		23,120		23,377
Centex Home Equity Series 2004-B Class AF6		4.69			3-25-2034		58,562		59,597
CIFC Funding Limited Series 2012-2RA Class A1 (3 Month LIBOR +0.80%) 144A±		3.39			1-20-2028		485,000		481,654
Citigroup Commercial Mortgage Trust Series 2012-GC8 Class C 144A±±		5.03			9-10-2045		1,000,000		1,030,911
Citigroup Commercial Mortgage Trust Series 2017-1500 Class A (1 Month LIBOR +0.85%) 144A±		3.32			7-15-2032		750,000		750,934
Citigroup Commercial Mortgage Trust Series 2017-MDRB Class A (1 Month LIBOR +1.10%) 144A±		3.57			7-15-2030		518,072		515,181
Citigroup Mortgage Loan Trust Incorporated Series 2003-HE3 Class A3 (1 Month LIBOR +0.76%) ±		3.24			12-25-2033		10,038		10,043
Commercial Mortgage Trust Series 2012-CR2 Class C ±±		4.99			8-15-2045		1,000,000		1,023,806
Commercial Mortgage Trust Series 2012-LC4 Class A4		3.29			12-10-2044		199,589		202,007
Commercial Mortgage Trust Series 2012-LC4 Class AM		4.06			12-10-2044		500,000		513,758
Commercial Mortgage Trust Series 2012-LC4 Class C ±±		5.72			12-10-2044		500,000		518,430
Countrywide Home Loans Series 2003-48 Class 2A2 ±±		4.57			10-25-2033		48,603		49,620
Credit Suisse First Boston Mortgage Securities Series 2002-AR25 Class 1A1 ±±		3.81			9-25-2032		410,826		388,708
Credit Suisse First Boston Mortgage Securities Series 2003-AR15 Class 3A1 ±±		4.30			6-25-2033		62,646		63,050
Credit Suisse First Boston Mortgage Securities Series 2003-AR9 Class 2A2 ±±		4.64			3-25-2033		19,202		19,156
Crown Point Limited Series 2015-3A Class A1AR (3 Month LIBOR +0.91%) 144A±		3.51			12-31-2027		500,000		498,329
Global Mortgage Securitization Limited Series 2004-A Class A2 (1 Month LIBOR +0.32%) 144A±		2.80			11-25-2032		71,508		67,879
GS Mortgage Securities Trust Series 2010-C1 Class X 144A±±(c)		1.48			8-10-2043		4,960,114		62,037

The accompanying notes are an integral part of these financial statements.

26 Wells Fargo Multi-Sector Income Fund Portfolio of investments—April 30, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Non-Agency Mortgage-Backed Securities (continued)
GS Mortgage Securities Trust Series 2012-GCJ7 Class XA ±±(c)		2.36	%		5-10-2045	$	3,000,466	$	118,884
GSAA Home Equity Trust Series 2004-5 Class AF5		4.33			6-25-2034		701		700
GSMPS Mortgage Loan Trust Series 2005-AHL Class M1 (1 Month LIBOR +0.65%) ±		3.12			4-25-2035		1,598		1,599
GSMPS Mortgage Loan Trust Series 2006-1 Class A1 (1 Month LIBOR +0.30%) 144A±		2.78			3-25-2035		34,232		34,096
JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-CB18 Class AM ±±		5.47			6-12-2047		860		859
JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-CB18 Class AMFL (1 Month LIBOR +0.17%) ±		2.66			6-12-2047		737		737
JPMorgan Chase Commercial Mortgage Securities Trust Series 2007-LDPX Class AM ±±		5.46			1-15-2049		66,502		66,543
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-C17 Class B ±±		5.05			1-15-2047		50,000		53,427
JPMorgan Mortgage Trust Series 2004-A3 Class 2A1 ±±		4.45			7-25-2034		23,681		24,162
JPMorgan Mortgage Trust Series 2004-A3 Class 3A3 ±±		4.07			7-25-2034		33,503		34,026
JPMorgan Mortgage Trust Series 2005-A3 Class 11A2 ±±		4.64			6-25-2035		135,551		139,616
JPMorgan Mortgage Trust Series 2009-7 Class 2A1 144A±±		6.00			2-27-2037		1,401		1,397
MASTR Adjustable Rate Mortgage Trust Series 2003-6 Class 3A1 ±±		4.57			12-25-2033		215,876		217,273
MASTR Adjustable Rate Mortgage Trust Series 2003-6 Class 4A2 ±±		4.27			1-25-2034		7,971		7,943
MASTR Adjustable Rate Mortgage Trust Series 2004-13 Class 3A7 ±±		4.45			11-21-2034		10,081		10,412
MASTR Alternative Loans Trust Series 2005-1 Class 5A1		5.50			1-25-2020		2,670		2,708
MASTR Specialized Loan Trust Series 2005-3 Class A1 (1 Month LIBOR +0.36%) 144A±		2.84			11-25-2035		91,283		91,184
Mid-State Trust Series 11 Class A1		4.86			7-15-2038		174,021		182,866
MLCC Mortgage Investors Incorporated Series 2003-G Class A2 (6 Month LIBOR +0.68%) ±		3.57			1-25-2029		56,297		56,413
Montana Higher Education Student Assistance Corporation Series 2012-1 Class A2 (1 Month LIBOR +1.00%) ±		3.59			5-20-2030		416,493		417,668
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5 Class XA 144A±±(c)		1.62			8-15-2045		4,038,139		150,647
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C11 Class A4 ±±		4.30			8-15-2046		569,000		599,229
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C17 Class A3		3.53			8-15-2047		300,000		304,697
Morgan Stanley Capital I Trust Series 2004-NC1 Class M1 (1 Month LIBOR +1.05%) ±		3.53			12-27-2033		350,711		350,915
Morgan Stanley Capital I Trust Series 2012-C4 Class C 144A±±		5.60			3-15-2045		900,000		923,890
Morgan Stanley Mortgage Loan Trust Series 2004-4 Class 2A ±±		6.36			9-25-2034		32,820		36,199
New Century Home Equity Loan Trust Series 2004-3 Class M1 (1 Month LIBOR +0.93%) ±		3.41			11-25-2034		1,118,626		1,116,520
Palmer Square Loan Funding Limited Series 2019-2A Class A1 (3 Month LIBOR +0.97%) 144A±%%		3.49			4-20-2027		415,000		415,000
Provident Funding Mortgage Loan Series 2005-1 Class 2A1 ±±		4.84			5-25-2035		6,541		6,544
RAIT Trust Series 2017-FL8 Class A (1 Month LIBOR +0.85%) 144A±		3.32			12-15-2037		48,977		48,942
Sequoia Mortgage Trust Series 2003-1 Class 1A (1 Month LIBOR +0.76%) ±		3.25			4-20-2033		9,404		9,236
SoFi Professional Loan Program LLC Series 2017-A Class A2B 144A		2.40			3-26-2040		750,000		736,924
Stonemont Portfolio Trust Series 2017 Class A (1 Month LIBOR +0.85%) 144A±		3.34			8-20-2030		453,426		453,281
Structured Adjustable Rate Mortgage Loan Trust Series 2004-2 Class 2A ±±		4.56			3-25-2034		35,039		34,773
Terwin Mortgage Trust Series 2003-6HE Class A3 (1 Month LIBOR +1.14%) ±		3.62			11-25-2033		159,555		155,917
Vendee Mortgage Trust Series 2003-2 Class IO ±±(c)		0.67			5-15-2033		3,091,992		90,783
Washington Mutual Mortgage Trust Series 2004-RA4 Class 3A		7.50			7-25-2034		89,567		95,867
Wind River CLO Limited Series 2013-2A Class BR (3 Month LIBOR +1.60%) 144A±		4.20			10-18-2030		500,000		494,569
Total Non-Agency Mortgage-Backed Securities (Cost $16,330,564)									16,130,118

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—April 30, 2019 (unaudited) Wells Fargo Multi-Sector Income Fund 27

Security name				Expiration date		Shares		Value
Rights: 0.06%
Utilities: 0.06%
Independent Power & Renewable Electricity Producers: 0.06%
Vistra Energy Corporation †					12-31-2046		327,375	$	248,805
Total Rights (Cost $340,913)									248,805
	Interest rate			Maturity date		Principal
Yankee Corporate Bonds and Notes: 8.81%
Communication Services: 0.42%
Diversified Telecommunication Services: 0.09%
Intelsat Luxembourg SA		8.13	%		6-1-2023	$	475,000		359,219
Media: 0.18%
WPP Finance 2010		3.63			9-7-2022		750,000		755,727
Wireless Telecommunication Services: 0.15%
Globo Communicacoes Participacoes SA 144A		4.88			4-11-2022		595,000		604,526
Consumer Staples: 0.38%
Beverages: 0.19%
Pernod Ricard SA 144A		4.45			1-15-2022		760,000		787,589
Tobacco: 0.19%
BAT International Finance plc 144A		3.25			6-7-2022		750,000		750,953
Energy: 1.43%
Energy Equipment & Services: 0.37%
Ensco plc		5.75			10-1-2044		2,320,000		1,525,400
Oil, Gas & Consumable Fuels: 1.06%
Baytex Energy Corporation 144A		5.13			6-1-2021		1,450,000		1,450,000
Baytex Energy Corporation 144A		5.63			6-1-2024		1,575,000		1,492,313
Griffin Coal Mining Company Limited 144A(a)†		9.50			12-1-2016		1,122,015		0
Griffin Coal Mining Company Limited (a)†		9.50			12-1-2016		91,731		0
Rockpoint Gas Storage 144A		7.00			3-31-2023		1,375,000		1,375,000
									4,317,313
Financials: 2.80%
Banks: 0.90%
ABN AMRO Bank NV 144A		4.80			4-18-2026		750,000		787,345
Banco del Estado de Chile 144A		3.88			2-8-2022		650,000		661,869
Corporación Andina de Fomento		4.38			6-15-2022		958,000		993,686
Intelsat Connect Finance Company 144A		9.50			2-15-2023		400,000		371,000
Nielsen Holding and Finance BV 144A		5.00			2-1-2025		875,000		864,063
									3,677,963

The accompanying notes are an integral part of these financial statements.

28 Wells Fargo Multi-Sector Income Fund Portfolio of investments—April 30, 2019 (unaudited)

Security name	Interest rate			Maturity date		Principal		Value
Diversified Financial Services: 1.73%
Intelsat Jackson Holdings SA		5.50	%		8-1-2023	$	5,275,000	$	4,754,094
Intelsat Jackson Holdings SA 144A		8.50			10-15-2024		1,700,000		1,677,688
Tyco Electronics Group SA		3.50			2-3-2022		625,000		634,645
									7,066,427
Insurance: 0.17%
Sompo International Holdings Limited		7.00			7-15-2034		575,000		706,387
Health Care: 1.64%
Pharmaceuticals: 1.64%
Bausch Health Companies Incorporated 144A		5.50			3-1-2023		2,200,000		2,208,250
Bausch Health Companies Incorporated 144A		5.50			11-1-2025		375,000		383,790
Bausch Health Companies Incorporated 144A		5.88			5-15-2023		770,000		775,929
Bausch Health Companies Incorporated 144A		6.13			4-15-2025		1,940,000		1,964,250
Bausch Health Companies Incorporated 144A		6.50			3-15-2022		325,000		336,375
Bausch Health Companies Incorporated 144A		7.00			3-15-2024		575,000		605,906
Bausch Health Companies Incorporated 144A		8.50			1-31-2027		375,000		408,516
									6,683,016
Industrials: 1.05%
Commercial Services & Supplies: 0.59%
Ritchie Brothers Auctioneers Incorporated 144A		5.38			1-15-2025		2,350,000		2,414,625
Electrical Equipment: 0.27%
Sensata Technologies BV 144A		5.00			10-1-2025		260,000		266,500
Sensata Technologies BV 144A		6.25			2-15-2026		800,000		845,000
									1,111,500
Road & Rail: 0.19%
Canadian Pacific Railway Company		4.50			1-15-2022		750,000		777,382
Information Technology: 0.12%
Communications Equipment: 0.12%
Nielsen Holding and Finance BV 144A		5.50			10-1-2021		465,000		467,325
Materials: 0.81%
Containers & Packaging: 0.55%
Ardagh Packaging Finance plc 144A		4.25			9-15-2022		375,000		376,406
Ardagh Packaging Finance plc 144A		7.25			5-15-2024		725,000		763,824
OI European Group BV 144A		4.00			3-15-2023		1,100,000		1,086,250
									2,226,480
Metals & Mining: 0.26%
Glencore Finance Canada Limited 144A		4.25			10-25-2022		750,000		774,000
Vale Overseas Limited		4.38			1-11-2022		296,000		302,201
									1,076,201

The accompanying notes are an integral part of these financial statements.

Portfolio of investments—April 30, 2019 (unaudited) Wells Fargo Multi-Sector Income Fund 29

Security name	Interest rate			Maturity date		Principal		Value
Utilities: 0.16%
Electric Utilities: 0.16%
Comision Federal de Electricidad 144A		4.88	%		5-26-2021	$	650,000	$	664,632
Total Yankee Corporate Bonds and Notes (Cost $36,438,939)									35,972,665
	Yield					Shares
Short-Term Investments: 4.45%
Investment Companies: 4.45%
Wells Fargo Government Money Market Fund Select Class (l)(u)##		2.36					18,183,562		18,183,562
Total Short-Term Investments (Cost $18,183,562)									18,183,562

Total investments in securities (Cost $583,794,897)	141.65	%		578,614,745
Other assets and liabilities, net	(41.65	)		(170,139,067	)
Total net assets	100.00	%	$	408,475,678

± 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.

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

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

¥ A payment-in-kind (PIK) security is a security in which the issuer may make interest or dividend payments in cash or additional securities. These additional securities generally have the same terms as the original holdings.

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

† Non-income-earning security

@ Foreign bond principal is denominated in the local currency of the issuer.

‡ Security is valued using significant unobservable inputs.

(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 and/or unfunded loans.

Abbreviations:

AUD Australian dollar

BRL Brazilian real

CLO Collateralized loan obligation

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

NZD New Zealand dollar

PEN Peruvian sol

REIT Real estate investment trust

ZAR South African rand

The accompanying notes are an integral part of these financial statements.

30 Wells Fargo Multi-Sector Income Fund Portfolio of investments—April 30, 2019 (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:

	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		8,394,594		61,585,679		51,796,711		18,183,562	$	0	$	0	$	114,204	$	18,183,562		4.45	%

The accompanying notes are an integral part of these financial statements.

Statement of assets and liabilities—April 30, 2019 (unaudited) Wells Fargo Multi-Sector Income Fund 31

Assets
Investments in unaffiliated securities, at value (cost $565,611,335)	$	560,431,183
Investments in affiliated securities, at value (cost $18,183,562)		18,183,562
Foreign currency, at value (cost $123,113)		123,109
Receivable for investments sold		108,824
Principal paydown receivable		12,299
Receivable for interest		8,479,356
Prepaid expenses and other assets		4,859
Total assets		587,343,192
Liabilities
Secured borrowing payable		173,000,000
Dividends payable		3,138,705
Payable for investments purchased		962,375
Overdraft due to custodian bank		352,059
Advisory fee payable		264,258
Administration fee payable		24,023
Trustees’ fees and expenses payable		5,001
Accrued expenses and other liabilities		1,121,093
Total liabilities		178,867,514
Total net assets	$	408,475,678
NET ASSETS CONSIST OF
Paid-in capital	$	455,232,360
Total distributable loss		(46,756,682	)
Total net assets	$	408,475,678
NET ASSET VALUE PER SHARE
Based on $408,475,678 divided by 30,716,046 shares issued and outstanding (100,000,000 shares authorized)		$13.30

The accompanying notes are an integral part of these financial statements.

32 Wells Fargo Multi-Sector Income Fund Statement of operations—six months ended April 30, 2019 (unaudited)

Investment income
Interest (net of foreign interest withholding taxes of $138,781)	$	17,562,084
Income from affiliated securities		114,204
Dividends		18
Total investment income		17,676,306
Expenses
Advisory fee		1,590,887
Administration fee		144,626
Custody and accounting fees		136,075
Professional fees		33,095
Shareholder report expenses		26,370
Trustees’ fees and expenses		10,608
Transfer agent fees		17,501
Interest expense		2,740,296
Other fees and expenses		15,019
Total expenses		4,714,477
Net investment income		12,961,829
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
Net realized losses on:
Unaffiliated securities		(1,724,778	)
Foreign currency transactions		(228,834	)
Net realized losses on investments		(1,953,612	)
Net change in unrealized gains (losses) on:
Unaffiliated securities		13,381,653
Foreign currency transactions		347
Net change in unrealized gains on investments		13,382,000
Net realized and unrealized gains (losses) on investments		11,428,388
Net increase in net assets resulting from operations	$	24,390,217

The accompanying notes are an integral part of these financial statements.

Statement of changes in net assets Wells Fargo Multi-Sector Income Fund 33

	Six months ended April 30, 2019 (unaudited)			Year ended October 31, 2018
Operations
Net investment income	$	12,961,829		$	28,169,960
Net realized losses on investments		(1,953,612	)		(12,997,364	)
Net change in unrealized gains (losses) on investments		13,382,000			(15,408,551	)
Net increase (decrease) in net assets resulting from operations		24,390,217			(235,955	)
Distributions to shareholders from
Net investment income and net realized gains		(19,311,709	)		(15,295,803	)
Tax basis return of capital		0			(27,375,294	)
Total distributions to shareholders		(19,311,709	)		(42,671,097	)
Capital share transactions
Cost of shares repurchased		(9,919,812	)		(43,599,996	)
Total decrease in net assets		(4,841,304	)		(86,507,048	)
Net assets
Beginning of period		413,316,982			499,824,030
End of period	$	408,475,678		$	413,316,982

The accompanying notes are an integral part of these financial statements.

34 Wells Fargo Multi-Sector Income Fund Statement of cash flows—six months ended April 30, 2019 (unaudited)

Cash flows from operating activities:
Net increase in net assets resulting from operations	$	24,390,217
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of long-term securities		(52,251,970	)
Proceeds from the sale of long-term securities		92,410,572
Paydowns		2,562,086
Amortization		(307,517	)
Purchases and sales of short-term securities, net		(9,788,968	)
Decrease in receivable for investments sold		739,228
Decrease in principal paydown receivable		29,529
Increase in receivable for interest		(469,619	)
Decrease in prepaid expenses and other assets		9,755
Decrease in payable for investments purchased		(1,917,184	)
Decrease in advisory fee payable		(20,356	)
Decrease in administration fee payable		(1,851	)
Increase in trustees’ fees and expenses payable		4,162
Decrease in accrued expenses and other liabilities		(215,363	)
Litigation payments received		553
Net realized losses on investments		1,724,778
Net change in unrealized gains (losses) on investments		(13,382,000	)
Net cash provided by operating activities		43,516,052
Cash flows from financing activities:
Decrease in secured borrowing payable		(14,000,000	)
Cost of shares repurchased		(10,265,704	)
Increase due to overdraft		352,059
Cash distributions paid		(19,536,574	)
Net cash used in financing activities		(43,450,219	)
Net increase in cash		65,833
Cash (including foreign currency):
Beginning of period	$	57,276
End of period	$	123,109
Supplemental cash disclosure
Cash paid for interest	$	16,973,862

The accompanying notes are an integral part of these financial statements.

Financial highlights Wells Fargo Multi-Sector Income Fund 35

(For a share outstanding throughout each period)

	Six months ended April 30, 2019 (unaudited)			Year ended October 31
				2018			2017			2016			2015			2014
Net asset value, beginning of period		$13.10			$14.31			$14.35			$14.06			$16.10			$16.40
Net investment income		0.41			0.85	1		0.97	1		1.08			1.10	1		1.14	1
Net realized and unrealized gains (losses) on investments		0.38			(0.92	)		0.18			0.33			(1.98	)		(0.24	)
Total from investment operations		0.79			(0.07	)		1.15			1.41			(0.88	)		0.90
Distributions to shareholders from
Net investment income		(0.62	)		(0.46	)		(0.70	)		(0.97	)		(0.87	)		(0.91	)
Tax basis return of capital		0.00			(0.83	)		(0.53	)		(0.17	)		(0.29	)		(0.29	)
Total distributions to shareholders		(0.62	)		(1.29	)		(1.23	)		(1.14	)		(1.16	)		(1.20	)
Anti-dilutive effect of shares repurchased		0.03			0.15			0.04			0.02			0.00			0.00
Net asset value, end of period		$13.30			$13.10			$14.31			$14.35			$14.06			$16.10
Market value, end of period		$12.39			$11.57			$13.05			$12.66			$12.02			$14.19
Total return based on market value2		12.73	%		(1.91	)%		13.07	%		15.66	%		(7.34	)%		6.55	%
Ratios to average net assets (annualized)
Expenses3		2.32	%		2.14	%		1.68	%		1.39	%		1.24	%		1.21	%
Net investment income3		6.38	%		6.12	%		6.73	%		7.94	%		7.33	%		6.95	%
Supplemental data
Portfolio turnover rate		7	%		25	%		38	%		29	%		31	%		41	%
Net assets, end of period (000s omitted)		$408,476			$413,317			$499,824			$590,840			$591,226			$677,004
Borrowings outstanding, end of period (000s omitted)		$173,352			$187,000			$187,000			$220,000			$230,000			$230,000
Asset coverage per $1,000 of borrowing, end of period		$3,363			$3,210			$3,673			$3,686			$3,570			$3,944

¹  Calculated based upon average shares outstanding

²  Total return is calculated assuming a purchase of common stock on the first day and sale on the last day of the period reported. Dividends and distributions, if any, are assumed for purposes of these calculations to be reinvested at prices obtained under the Fund’s Automatic Dividend Reinvestment Plan. Total return does not reflect brokerage commissions that a shareholder would pay on the purchase and sale of shares. Returns for periods of less than one year are not annualized.

³  Ratios include interest expense relating to interest associated with borrowings and/or leverage transactions as follows:

Six months ended April 30, 2019 (unaudited)	1.35	%
Year ended October 31, 2018	1.07	%
Year ended October 31, 2017	0.61	%
Year ended October 31, 2016	0.44	%
Year ended October 31, 2015	0.24	%
Year ended October 31, 2014	0.07	%

The accompanying notes are an integral part of these financial statements.

36 Wells Fargo Multi-Sector Income Fund Notes to financial statements (unaudited)

1. ORGANIZATION

Wells Fargo Multi-Sector Income Fund (the “Fund”) was organized as a statutory trust under the laws of the state of Delaware on April 10, 2003 and is registered as a diversified closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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 (“Funds Management”).

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.

Notes to financial statements (unaudited) Wells Fargo Multi-Sector Income Fund 37

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.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Dividend income is recognized on the ex-dividend date.

Income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

Under a monthly distribution plan, the Fund pays distributions to shareholders at an annual minimum fixed rate of 9% based on the Fund’s average monthly net asset value per share over the prior 12 months. The monthly distributions may be sourced from income, paid-in capital, and/or capital gains, if any. To the extent that sufficient investment income is not available on a monthly basis, the Fund may distribute paid-in capital and/or capital gains, if any, in order to maintain its managed distribution level.

Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of April 30, 2019, the aggregate cost of all investments for federal income tax purposes was $608,089,801 and the unrealized gains (losses) consisted of:

Gross unrealized gains	$	13,193,277
Gross unrealized losses		(42,668,333	)
Net unrealized losses	$	(29,475,056	)

38 Wells Fargo Multi-Sector Income Fund Notes to financial statements (unaudited)

As of October 31, 2018, the Fund had capital loss carryforwards which consist of $11,604,833 in short-term capital losses and $14,769,863 in long-term capital losses.

3. 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 April 30, 2019:

	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets
Investments in:
Agency securities	$	0	$	5,146,976	$	0	$	5,146,976
Asset-backed securities		0		3,912,893		0		3,912,893
Common stocks
Materials		794		0		0		794
Corporate bonds and notes		0		298,376,425		0		298,376,425
Foreign corporate bonds and notes		0		25,002,393		0		25,002,393
Foreign government bonds		0		91,701,106		0		91,701,106
Loans		0		74,537,237		9,401,771		83,939,008
Non-agency mortgage-backed securities		0		16,130,118		0		16,130,118
Rights
Utilities		0		248,805		0		248,805
Yankee corporate bonds and notes		0		35,972,665		0		35,972,665
Short-term investments
Investment companies		18,183,562		0		0		18,183,562
Total assets	$	18,184,356	$	551,028,618	$	9,401,771	$	578,614,745

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

Notes to financial statements (unaudited) Wells Fargo Multi-Sector Income Fund 39

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, 2018	$	14,613,791
Accrued discounts (premiums)		2,127
Realized losses		(113,041	)
Change in unrealized gains (losses)		(478,381	)
Purchases		1,683,364
Sales		(4,439,369	)
Transfers into Level 3		2,063,412
Transfers out of Level 3		(3,930,132	)
Balance as of April 30, 2019	$	9,401,771
Change in unrealized gains (losses) relating to securities still held at April 30, 2019	$	(478,656	)

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.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”) is the adviser to the Fund and is entitled to receive a fee at an annual rate of 0.55% of the Fund’s average daily total assets. Total assets consist of net assets of the Fund plus borrowings or other leverage for investment purposes to the extent excluded in calculating net assets.

Funds Management has retained the services of certain subadvisers to provide daily portfolio management to the Fund. The fees for subadvisory services are borne by Funds Management. Wells Capital Management Incorporated, an affiliate of Funds Management and an indirect, wholly owned subsidiary of Wells Fargo, is a subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate of 0.30% of the Fund’s average daily total assets. Wells Fargo Asset Management (International), LLC, an affiliate of Funds Management and an indirect, wholly owned subsidiary of Wells Fargo, is also a subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate of 0.10% of the Fund’s average daily total assets.

Administration fee

Funds Management also serves as the administrator to the Fund, providing the Fund with a wide range of administrative services necessary to the operation of the Fund. Funds Management is entitled to receive an annual administration fee from the Fund equal to 0.05% of the Fund’s average daily total assets.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices.

5. CAPITAL SHARE TRANSACTIONS

The Fund has authorized capital of 100,000,000 shares with no par value. For the six months ended April 30, 2019 and the year ended October 31, 2018, the Fund did not issue any shares.

On November 9, 2018, the Fund announced an extension of its open-market share repurchase program (the “Buyback Program”). Under the Buyback Program, the Fund may to repurchase up to 10% of its outstanding shares in open-market transactions beginning on January 1, 2019 and ending on December 31, 2019. The Fund’s Board of Trustees had delegated to Funds Management full discretion to administer the Buyback Program including the determination of the amount and timing of repurchases in accordance with the best interests of the Fund and subject to applicable legal limitations. During the six months ended April 30, 2019, the Fund purchased 826,455 of its shares on the open-market at a total cost of $9,919,812 (weighted average price per share of $11.99). The weighted average discount of these repurchased shares was 9.34 %.

40 Wells Fargo Multi-Sector Income Fund Notes to financial statements (unaudited)

6. BORROWINGS

The Fund has borrowed $173,000,000 through a revolving credit facility administered by a major financial institution (the “Facility”). The Facility has a commitment amount of $230,000,000 with no specific contract expiration date but the Facility can be terminated upon 180 days’ notice. The Fund is charged interest at London Interbank Offered Rate (LIBOR) plus 0.70% and a commitment fee of 0.30% of the average daily unutilized amount of the commitment which may be waived if the amount drawn on the Facility is over 75% of the committed amount. The financial institution holds a security interest in all the assets of the Fund as collateral for the borrowing. Based on the nature of the terms of the Facility and comparative market rates, the carrying amount of the borrowings at April 30, 2019 approximates its fair value. If measured at fair value, the borrowings would be categorized as a Level 2 under the fair value hierarchy.

During the six months ended April 30, 2019, the Fund had average borrowings outstanding of $173,696,133 at an average interest rate of 3.18% and paid interest in the amount of $2,740,296, which represents 1.35% of its average daily net assets (on an annualized basis).

7. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2019 were $42,551,122 and $74,609,460, respectively.

As of April 30, 2019, the Fund had unfunded term loan commitments of $372,375.

8. INDEMNIFICATION

Under the Fund’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

9. NEW ACCOUNTING PRONOUNCEMENTS

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

In March 2017, FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. The amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. Management is currently evaluating the potential impact of this new guidance to the financial statements.

10. SUBSEQUENT DISTRIBUTIONS

The Fund declared the following distributions to common shareholders:

Declaration date	Record date	Payable date	Per share amount
April 26, 2019	May 14, 2019	June 3, 2019	$0.10054
May 22, 2019	June 14, 2019	July 1, 2019	0.10006

These distributions are not reflected in the accompanying financial statements.

Other information (unaudited) Wells Fargo Multi-Sector Income Fund 41

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website at wfam.com or by visiting the SEC website at sec.gov.

PORTFOLIO HOLDINGS INFORMATION

The complete portfolio holdings for the Fund are publicly available monthly on the Fund’s website (wfam.com), on a one-month delayed basis. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q, which is available by visiting the SEC website at sec.gov. In addition, the Fund’s Form N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and at regional offices in New York City, at 233 Broadway, and in Chicago, at 175 West Jackson Boulevard, Suite 900. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330.

42 Wells Fargo Multi-Sector Income Fund Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

The following table provides basic information about the Board of Trustees (the “Trustees”) and Officers of the Fund. Each of the Trustees and Officers¹ listed below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 151 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust, and four closed-end funds, including the Fund (collectively the “Fund Complex”). The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. The Board of Trustees is classified into three classes of which one is elected annually. Each Trustee serves a three-year term concurrent with the class from which the Trustee is elected. Each Officer serves an indefinite term.

Independent Trustees

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer	Current other public company or investment company directorships
Class I - Non-Interested Trustees to serve until 2020 Annual Meeting of Shareholders
Isaiah Harris, Jr. (Born 1952)	Trustee, since 2010; Audit Committee Chairman, since 2019	Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation
David F. Larcker (Born 1950)	Trustee, since 2010	James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A
Olivia S. Mitchell (Born 1953)	Trustee, since 2010; Nominating and Governance Committee Chairman, since 2018	International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A
Class II - Non-Interested Trustees to serve until 2021 Annual Meeting of Shareholders
William R. Ebsworth (Born 1957)	Trustee, since 2015	Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder.	N/A
Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is a Board Member of The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A

Other information (unaudited) Wells Fargo Multi-Sector Income Fund 43

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer	Current other public company or investment company directorships
Judith M. Johnson (Born 1949)	Trustee, since 2010; Audit Committee Chairman, from 2010 to 2018	Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from 1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.	N/A
Class III - Non-Interested Trustees to serve until 2022 Annual Meeting of Shareholders
Timothy J. Penny (Born 1951)	Trustee, since 2010; Chairman, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A
James G. Polisson (Born 1959)	Trustee, since 2018	Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations.	N/A
Pamela Wheelock (Born 1959)	Trustee, since 2018	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

44 Wells Fargo Multi-Sector Income Fund Other information (unaudited)

Officers

Name and year of birth	Position held and length of service	Principal occupations during past five years or longer
Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014. In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since 2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo Funds Management, LLC, from 2009 to 2014.
Jeremy DePalma1 (Born 1974)	Treasurer, since 2012	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.
Alexander Kymn (Born 1973)	Secretary, since 2018; Chief Legal Officer, since 2018	Senior Company Counsel of Wells Fargo Bank, N.A. since 2018 (previously Senior Counsel from 2007 to 2018). Vice President of Wells Fargo Funds Management, LLC from 2008 to 2014.
Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.
David Berardi (Born 1975)	Assistant Treasurer, since 2009	Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to 2010.

¹ Jeremy DePalma acts as Treasurer of 86 funds and Assistant Treasurer of 65 funds in the Fund Complex.

Automatic dividend reinvestment plan Wells Fargo Multi-Sector Income Fund 45

AUTOMATIC DIVIDEND REINVESTMENT PLAN

All common shareholders are eligible to participate in the Automatic Dividend Reinvestment Plan (“the Plan”). Pursuant to the Plan, unless a common shareholder is ineligible or elects otherwise, all cash dividends and capital gains distributions are automatically reinvested by Computershare Trust Company, N.A., as agent for shareholders in administering the Plan (“Plan Agent”), in additional common shares of the Fund. Whenever the Fund declares an ordinary income dividend or a capital gain dividend (collectively referred to as “dividends”) payable either in shares or in cash, nonparticipants in the Plan will receive cash, and participants in the Plan will receive the equivalent in common shares. The shares are acquired by the Plan Agent for the participant’s account, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized common shares from the Fund (“newly issued common shares”) or (ii) by purchase of outstanding common shares on the open-market (open-market purchases) on the NYSE Amex or elsewhere. If, on the payment date for any dividend or distribution, the net asset value per share of the common shares is equal to or less than the market price per common share plus estimated brokerage commissions (“market premium”), the Plan Agent will invest the amount of such dividend or distribution in newly issued shares on behalf of the participant. The number of newly issued common shares to be credited to the participant’s account will be determined by dividing the dollar amount of the dividend by the net asset value per share on the date the shares are issued, provided that the maximum discount from the then current market price per share on the date of issuance may not exceed 5%. If on the dividend payment date the net asset value per share is greater than the market value (“market discount”), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participant in open-market purchases. There will be no brokerage charges with respect to shares issued directly by the Fund as a result of dividends or capital gains distributions payable either in shares or in cash. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open-market purchases in connection with the reinvestment of dividends. The automatic reinvestment of dividends and distributions will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such dividends. All correspondence concerning the Plan should be directed to the Plan Agent at 505000, Louisville, Kentucky 40233 or by calling 1-800-730-6001.

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Transfer Agent, Registrar, Shareholder Servicing

Agent & Dividend Disbursing Agent

Computershare Trust Company, N.A.

P.O. Box 505000

Louisville, Kentucky 40233

1-800-730-6001

Website: wfam.com

Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/ management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker-dealer and Member FINRA).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

INVESTMENT PRODUCTS: NOT FDIC INSURED  ◾  NO BANK GUARANTEE  ◾   MAY LOSE VALUE

© 2019 Wells Fargo Funds Management, LLC. All rights reserved.

402352 06-19 SMSI/SAR159 04-19

ITEM 2. CODE OF ETHICS

Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

ITEM 6. INVESTMENTS

A Portfolio of Investments for Wells Fargo Multi-Sector Income Fund is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS

Period	(a) Total Number of Shares Purchased		(b) Average Price Paid per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		(d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
11/1/2018 to 11/30/2018		91,007		11.71		91,007		5,778
12/1/2017 to 12/31/2017		0		0		0		5,778
1/1/2019 to 1/31/2019		246,431		11.57		246,431		2,898,718
2/1/2019 to 2/28/2019		0		0		0		2,898,718
3/1/2019 to 3/31/2019		99,595		12.16		99,595		2,799,123
4/1/2019 to 4/30/19		389,422		12.27		389,422		2,409,701
Total		826,455		12.00		826,455		2,409,701

On November 9, 2018, the Fund announced an extension of its open-market share repurchase program (the “Buyback Program”). Under the extended Buyback Program, the Fund may repurchase up to 10% of its outstanding shares during the period in open-market transactions beginning on January 1, 2019 and ending on December 31, 2019.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Multi-Sector Income Fund disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal quarter of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS

(a)(1) Not applicable

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Wells Fargo Multi-Sector Income Fund
By:
	/s/ Andrew Owen
	Andrew Owen
	President
Date:	June 26, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

Wells Fargo Multi-Sector Income Fund
By:
	/s/ Andrew Owen
	Andrew Owen
	President
Date:	June 26, 2019
By:
	/s/ Jeremy DePalma
	Jeremy DePalma
	Treasurer
Date:	June 26, 2019