Form N-CSRS ALLSPRING MULTI-SECTOR For: Apr 30
Tweet
Share
E-mail
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
Allspring Multi-Sector Income Fund
(Exact name of registrant as specified in charter)
1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203
(Address of principal executive offices) (Zip code)
Matthew Prasse
Allspring Funds Management, LLC
1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203
(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, 2026
ITEM 1. REPORT TO STOCKHOLDERS
| Notice to Shareholders |
| • On November 13, 2025, the Fund announced a renewal of its open-market share repurchase program (the
“Buyback Program”). Under the renewed Buyback Program, the Fund may
repurchase up to 5% of its outstanding shares in open market
transactions during the period beginning on January 1, 2026 and ending on December 31, 2026. The Fund’s Board of Trustees has delegated to Allspring 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 8.75% based on the Fund’s average
monthly net asset value 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 long-term capital gains and/or return of capital to its shareholders 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. |
Contents
| 2 | |
| 8 | |
| 29 | |
| 30 | |
| 31 | |
| 32 | |
| 33 | |
| 34 | |
| 39 | |
| 45 |
The views expressed and any forward-looking statements are as of April 30, 2026, unless otherwise
noted, and are those of the Fund’s portfolio managers and/or Allspring Global Investments. Discussions of individual securities or the
markets generally 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. Allspring Global
Investments disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.
Allspring Multi-Sector Income Fund | 1
Performance highlights (unaudited)
Performance highlights
| 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 allocates approximately 30%-70% of its total assets to a sleeve
consisting of below investment-grade (high yield) debt; 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 |
Allspring Funds Management, LLC |
| Subadvisers |
Allspring Global Investments, LLC |
| |
Allspring Global Investments (UK) Limited |
| Portfolio managers |
Adam Hicks, Christopher Y. Kauffman, CFA, Andrew Reed, CFA, Michael J.
Schueller, CFA, Lauren van Biljon, CFA |
| Average annual total returns (%) as of April 30, 20261 | ||||
| |
|
|
|
|
| |
6 months |
1 year |
5 year |
10 year |
| Based on market value |
1.78 |
9.32 |
2.54 |
6.46 |
| Based on net asset value (NAV) |
2.69 |
10.69 |
3.86 |
6.21 |
| Multi-Sector Income Blended Index2
|
1.74 |
7.31 |
2.62 |
4.13 |
| Bloomberg U.S. Universal Bond Index3
|
0.69 |
4.59 |
0.54 |
2.07 |
Figures quoted represent
past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. 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, 2026, was 2.93% which includes 1.95% of interest expense.
| | |
| 1 |
Total returns based on market value are calculated assuming a purchase of common stock on the first day and a 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 at the 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: Allspring Funds Management, LLC. The Multi-Sector Income Blended Index is composed of 60% ICE BofA U.S. High Yield Constrained Index†, 18% Bloomberg EM
Local Currency Government 10% Country Capped Index††, 7.5% Bloomberg U.S. Credit
Bond
Index†††,
7.5% Bloomberg U.S. Securitized Index††††, and 7% Bloomberg Global Treasury ex-U.S. ex CNY
Index†††††. Prior to August 1, 2025, the Multi-Sector Income Blended Index was composed of 60% ICE BofA U.S. High Yield Constrained
Index, 18% J.P. Morgan GBI-EM Global Diversified Composite Index, 7.5% Bloomberg U.S.
Credit Bond Index, 7.5% Bloomberg U.S. Securitized Index, and 7% J.P. Morgan
Global Government Bond Index (ex U.S.). Prior to October 15, 2019, the Multi-Sector
Income Blended Index was composed of 60% ICE BofA U.S. Cash Pay High Yield Index, 18% JPMorgan GBI-EM Global Diversified Composite Index, 7.5% Bloomberg U.S. Credit Bond Index, 7.5% Bloomberg U.S. Securitized Index, and 7% JPMorgan Global
Government Bond Index (ex
U.S.). You cannot invest directly in an index. †The ICE BofA U.S. High Yield
Constrained Index is a market-value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3 but are not in default. The
ICE BofA U.S. High Yield Constrained Index limits any individual issuer to
a maximum of 2% benchmark exposure. Returns are shown net of transaction costs beginning on July 1, 2022. You cannot invest directly in an index. Copyright 2026. ICE Data Indices, LLC. All rights reserved. ††The Bloomberg EM Local Currency Government 10% Country Capped Index is a country-constrained version of the flagship Emerging Markets Local Currency Government Index, which is designed to provide a
broad measure of the performance of local currency emerging markets (EM) debt. You cannot invest directly in an index. †††The Bloomberg U.S. Credit Bond Index is an unmanaged index of fixed income securities composed of securities from the Bloomberg Government/Corporate Bond
Index, Mortgage-Backed Securities Index,
and the Asset-Backed Securities Index. You cannot invest directly in an index. ††††The Bloomberg
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.
†††††The Bloomberg Global Treasury ex-U.S. ex-CNY Index is a specific benchmark that tracks the performance of investment-grade, fixed-rate, local currency government
debt issued by countries outside the United States and China. It excludes
Chinese (CNY) and U.S. (USD) government bonds but includes sovereign debt from other
investment-grade nations in their local currencies. You cannot invest directly in an
index. |
| 3 |
The Bloomberg U.S. Universal Bond Index is an unmanaged market-value-weighted performance benchmark for the U.S.-dollar-denominated bond market, which includes
investment-grade, high-yield, and emerging markets debt securities with maturities
of one year or more. You cannot invest directly in an index. |
| CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
2 | Allspring Multi-Sector Income Fund
Performance highlights (unaudited)
| Growth of $10,000 investment as of April 30, 20261 |
| 1 |
The chart compares the performance of the Fund for the most recent ten years with the Multi-Sector Income Blended Index and Bloomberg U.S. Universal Bond Index. The
chart assumes a hypothetical investment of $10,000 investment and reflects all
operating expenses of the Fund. |
| Comparison of NAV vs. market value1 |
| 1 |
This chart does not reflect any brokerage commissions charged on the purchase and sale of the Fund’s common shares. 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. |
Allspring Multi-Sector Income Fund | 3
Performance highlights (unaudited)
Risk summary
Shares of this closed-end fund are only available for purchase and
sale at the current market price on the stock exchange on which it is listed. Shares of the Fund may trade at either a premium or discount relative to the
Fund’s net asset value, and there can be no assurance that any discount will decrease. The values of, and/or the income generated by, securities held by
the Fund may decline due to general market conditions or other factors, including those directly involving the issuers of such securities. Debt securities are
subject to credit risk and interest rate risk, and high yield securities and unrated securities of similar credit quality have a much greater risk of default
and their values tend to be more volatile than higher-rated securities with similar maturities. Foreign investments may contain more risk due to the inherent
risks associated with changing political climates, foreign market instability, and foreign currency fluctuations. Risks of foreign investing are magnified in
emerging or developing markets. The Fund is exposed to mortgage- and asset-backed securities risk. 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 the net asset value and the market value of common shares. Derivatives involve additional risks, including interest rate risk, credit
risk, the risk of improper valuation, and the risk of non-correlation to the relevant instruments that they are designed to hedge or closely track.
4 | Allspring Multi-Sector Income Fund
Performance highlights (unaudited)
MANAGER’S DISCUSSION
Overview
The Fund’s return based on market value was 1.78% for the 6-month period that ended April 30, 2026. During the same period, the Fund’s return based on its net asset value (NAV) was 2.69%. Based on both its market value return and NAV return, the Fund outperformed the Multi-Sector Income Blended Index for the six-month period that ended April 30, 2026.
U.S. economy slows modestly amid
elevated policy uncertainty.
Over the past six months, U.S. economic growth slowed but remained resilient,
continuing to grow near its longer-run trend, while inflation remained above the Federal Reserve’s (Fed’s) target. Following three rate cuts totaling 75 basis points (bps; 100 bps equal 1.00%) in the second half of
2025, the Fed held policy rates steady during the period as it evaluated progress on inflation and broader economic conditions. The U.S. labor market showed signs of gradual cooling but remained resilient, supported by solid
household balance sheets. Policy uncertainty stayed elevated as trade, fiscal, and regulatory initiatives evolved, while ongoing geopolitical tensions in the Middle East contributed to periodic market volatility and heightened risk
sensitivity.
In the six-month period that ended
April 30, 2026, the ICE BofA U.S. High Yield Constrained Index returned 2.31%, driven by coupon income. Credit spreads began the period at relatively tight levels, limiting the scope for
broad-based compression. CCC-rated bonds underperformed BB- and
B-rated credits, largely reflecting weakness in the distressed segment of the CCC cohort, which weighed on overall returns. While default rates remained
manageable, pockets of stress persisted among issuers with high leverage, near-term maturities, or weaker free cash flow generation.
| Ten largest holdings (%) as of April 30, 20261 | |
| Indonesia, 7.00%, 9-15-2030 |
2.41 |
| Colombia TES, 13.25%, 2-9-2033 |
1.93 |
| Hungary, 6.75%, 7-23-2031 |
1.87 |
| Mexico, 7.75%, 5-29-2031 |
1.69 |
| International Bank for Reconstruction & Development, 9.50%, 2-9-2029 |
1.52 |
| Colombia TES, 7.75%, 9-18-2030 |
1.35 |
| Mexico, 7.50%, 5-26-2033 |
1.30 |
| European Investment Bank, 6.50%, 9-28-2032 |
1.28 |
| Romania, 5.00%, 2-12-2029 |
1.24 |
| New Zealand, 4.25%, 5-15-2034 |
1.24 |
| 1 |
Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
The high yield sleeve moved up the credit rating spectrum.
Over the past six months, the high yield sleeve increased its allocation to
higher-quality credits by adding exposure to BBB-rated bonds while
reducing allocations to lower-rated cohorts. During the period, the sleeve increased exposure to the insurance and banking sectors and reduced exposure to the
communications and electric sectors.
High yield sleeve outperformance driven by security selection.
The Fund’s high yield sleeve outperformed the ICE BofA U.S.
High Yield Constrained Index in the six-month period that ended April 30, 2026, driven by positive security selection. Enviva Inc. and Multi-Color Corporation
were the issuers that added the most to relative performance, while Paramount Global and Sabre Global Corporation* detracted the most
from performance. An underweight to capital goods and overweight to
utilities were most additive to relative performance while an underweight to energy
and an overweight to banking were most detrimental.
Leverage
was negative.
The Fund’s use of leverage
through bank borrowings had a negative impact on the NAV total return performance during this reporting period. As of April 30, 2026, the Fund had approximately 29.7% in leverage as a percentage of total
assets.
Higher-quality high yield credits are expected to
weather uncertainty.
While overall issuer fundamentals remain relatively healthy, leverage and coverage
metrics have begun to modestly weaken. The outlook for high yield remains constructive, although this is reflected in tight spreads. Fiscal stimulus is expected to support economic growth, offset by higher gasoline
prices and a likely pause in further rate cuts. At the same time, accelerating investment in AI-related infrastructure should continue to underpin growth into 2027, despite ongoing geopolitical uncertainty surrounding
Iran. Absolute yields remain attractive relative to history, supporting the potential for income-driven returns even amid volatility. We believe disciplined security selection will be essential in navigating this phase of the
cycle.
Mortgage/corporate bond securitized allocation contributed to returns.
The mortgage/corporate bond sleeve’s 60% out-of-benchmark allocation to
securitized sectors contributed to the Fund’s overall outperformance versus the benchmark over the period. A 34% allocation to commercial mortgage-backed securities (CMBS), primarily mezzanine and subordinate
private-label CMBS, was the largest contributor within the sector, as
spreads (the difference in yields over Treasuries) tightened 20-30 basis points (bps; 100 bps equal 1.00%). Allocations of 4% and 12% to the
collateralized mortgage obligation (CMO) and collateralized loan obligation (CLO) sectors, respectively, contributed to a lesser degree, with spreads
compressing 0-10 bps. The sleeve’s 10% allocation to asset-backed
securities (ABS) was roughly neutral to performance. A 6% overweight
*
This security was no longer held at the end of the reporting period.
Allspring Multi-Sector Income Fund | 5
Performance highlights (unaudited)
allocation to
corporate bonds detracted slightly because of our overweight to financials. Security selection within corporates also detracted slightly, primarily due to some high yield positions as well as
holding Brighthouse Financial, Inc.*
| Credit quality as of April 30, 20261 |
| 1 |
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
portfolio with the ratings depicted in the chart are calculated based on the
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 the 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. |
Overall securitized positioning decreased over the period from 60.3% to 60.1%. The
sleeve increased its allocation to ABS by 2.4% to 9.8%, adding whole business and triple net lease ABS. The sleeve also increased its allocation to CLOs by 2.4% to 11.9% with the addition of several commercial real
estate CLO issues. Offsetting this, we reduced our positioning in CMBS by 4.9% to 34.4% with the sale of single asset single borrower bonds, which outperformed the benchmark over the period. The
sleeve’s overall allocation to credit was roughly unchanged at 37.6%. Corporates were down slightly to 36.3% with a 2.1% reduction in financials largely
offset by a 2% increase in industrials. The sleeve maintained a 1.3%
allocation to sovereign
bonds.
| Effective maturity distribution as of April 30, 20261 |
| 1 |
Figures represent the percentage of the Fund’s fixed-income securities. Allocations are subject to change and may have changed since the date specified. |
Outlook: Continued value in parts of the mortgage and corporate bond markets.
We continue to see value in parts of the securitized market,
including esoteric ABS, mezzanine private-label CMOs, and select CMBS deals. Although corporate bond valuations remain broadly rich, technicals and
fundamentals remain a strong tailwind. We continue to see some value in select
financials and utilities.
Overview: A volatile period for international bonds.
Sovereign bond markets had a volatile six months, with the reporting period
starting well but ending in volatility. War in the Middle East prompted a spike in energy prices, and the impact on inflation pushed sovereign bond yields materially higher. This ate into total returns on emerging
market bonds, with the picture further complicated by uneven currency returns versus the U.S. dollar (outperformance from Latin America contrasting with losses for Asian/Middle-Eastern currencies).
Allocation to Brazil and Mexico grows, with shift away from India
and Indonesia.
There was a modest shift to
regional allocations over the reporting period, with 2.4% added exposure to Latin America coming at the expense of Asia. Latin America is well placed to weather a sustained energy price shock given its
net energy exporter status, and it offers relatively attractive yields. At the country level, this played out as increased exposure to Brazil and Mexico and reduced exposure to India and Indonesia. Changes to existing
country allocations were aimed at keeping income high and overall duration steady.
Latin American currency contributed, while South African and
Brazilian bonds detracted.
Currency was the key
contributor to relative performance, with Latin American exposure (Brazilian real, Colombian and Mexican pesos) and the
*
This security was no longer held at the end of the reporting period.
6 | Allspring Multi-Sector Income Fund
Performance highlights (unaudited)
Hungarian forint
doing particularly well. In contrast, underperformance from the Indian rupee and Indonesian rupiah meant exposure there was a negative. Emerging market yields ended the reporting period notably higher than
they started it in most cases, with higher yields offering only partial relief. South Africa and Brazil underperformed among bond markets
and positioning there detracted, while Mexican bonds had modest gains.
| Geographic allocation as of April 30, 20261 |
| 1 |
Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Outlook: Duration of higher energy prices will be a key factor for bonds.
Looking ahead, the duration of the energy price shock will be a key
factor for emerging markets into year-end. Yield curves are higher and flatter so far this year, with the rise in yields compensating investors for the war-driven
deterioration in economic fundamentals (heightened risk of inflation and slower economic growth). Whether stagflationary fears recede or advance will be central to sovereign bond performance in the quarters to
come.
Allspring Multi-Sector Income Fund | 7
Portfolio of investments—April 30, 2026 (unaudited)
Portfolio of investments
| |
|
Interest
rate |
Maturity
date |
Principal |
Value | |
| Agency securities: 0.06% |
|
|
|
|
|
|
| FHLMC |
|
8.50 % |
7-1-2028 |
$ |
359 |
$361 |
| FHLMC (1 Year Treasury Constant Maturity+2.25%)± |
|
5.95 |
2-1-2037 |
|
17,349 |
17,885 |
| FHLMC (5 Year Treasury Constant Maturity+2.15%)± |
|
3.94 |
9-1-2032 |
|
80,191 |
79,324 |
| FHLMC Series 2390 Class FD (30 Day Average U.S. SOFR+0.56%)± |
|
4.20 |
12-15-2031 |
|
1,217 |
1,216 |
| FHLMC Series 2567 Class FH (30 Day Average U.S. SOFR+0.51%)± |
|
4.15 |
2-15-2033 |
|
11,928 |
11,894 |
| FNMA |
|
6.00 |
4-1-2033 |
|
27,569 |
27,509 |
| FNMA Series 2001-25 Class Z |
|
6.00 |
6-25-2031 |
|
9,530 |
9,753 |
| FNMA Series 2001-35 Class F (30 Day Average U.S. SOFR+0.71%)± |
|
4.38 |
7-25-2031 |
|
824 |
825 |
| FNMA Series 2001-57 Class F (30 Day Average U.S. SOFR+0.61%)± |
|
4.28 |
6-25-2031 |
|
829 |
829 |
| FNMA Series 2002-77 Class FH (30 Day Average U.S. SOFR+0.51%)± |
|
4.19 |
12-18-2032 |
|
3,064 |
3,060 |
| FNMA Series 2002-97 Class FR (30 Day Average U.S. SOFR+0.66%)± |
|
4.33 |
1-25-2033 |
|
1,265 |
1,265 |
| GNMA |
|
6.50 |
6-15-2028 |
|
1,981 |
2,014 |
| GNMA Series 2019-H06 Class HIƒ±± |
|
1.78 |
4-20-2069 |
|
468,988 |
2,562
|
| Total agency securities (Cost $179,873) |
|
|
|
|
|
158,497 |
| Asset-backed securities: 4.83% |
|
|
|
|
|
|
| ABFC Trust Series 2003-AHL1 Class A1±± |
|
4.18 |
3-25-2033 |
|
31,853 |
31,409 |
| Aqua Finance Trust Series 2021-A Class A144A |
|
1.54 |
7-17-2046 |
|
136,811 |
125,338 |
| Bayfront IABS VIII Pte. Ltd. Series 8A Class B (U.S. SOFR+1.80%)144A±%% |
|
5.45 |
7-11-2047 |
|
1,000,000 |
1,000,000 |
| BSPRT Issuer LLC Series 2025-FL12 Class A (U.S. SOFR 1 Month+1.39%)144A± |
|
5.05 |
1-17-2043 |
|
1,000,000 |
1,001,046 |
| Centex Home Equity Loan Trust Series 2002-A Class AF6 |
|
5.54 |
1-25-2032 |
|
1,873 |
1,869 |
| Golub Capital Partners ABS Funding Ltd. Series 2019-1 Class AR144A |
|
3.10 |
7-20-2030 |
|
991,683 |
927,312 |
| GS Mortgage-Backed Securities Trust Series 2025-HE2 Class M1 (30 Day Average U.S. SOFR+1.90%)144A± |
|
5.56 |
12-25-2065 |
|
1,000,000 |
1,006,842 |
| Home Partners of America Trust Series 2021-1 Class D144A |
|
2.48 |
9-17-2041 |
|
845,410 |
766,846 |
| MF1 Ltd. Series 2022-FL8 Class A (U.S. SOFR 1 Month+1.35%)144A± |
|
5.01 |
2-19-2037 |
|
386,109 |
386,406 |
| MF1 Ltd. Series 2022-FL8 Class C (U.S. SOFR 1 Month+2.20%)144A± |
|
5.86 |
2-19-2037 |
|
1,000,000 |
997,389 |
| Mid-State Trust XI Series 11 Class A1 |
|
4.86 |
7-15-2038 |
|
12,547 |
12,547 |
| New Century Home Equity Loan Trust Series 2004-3 Class M1 (U.S. SOFR 1 Month+1.04%)± |
|
4.72 |
11-25-2034 |
|
520,257 |
520,677 |
| New Economy Assets - Phase 1 Sponsor LLC Series 2021-1 Class B1144A |
|
2.41 |
10-20-2061 |
|
1,000,000 |
595,000 |
| Retained Vantage Data Centers Issuer LLC Series 2023-1A Class A2A144A |
|
5.00 |
9-15-2048 |
|
900,000 |
895,620 |
| Starwood LLC Series 2025-FL4 Class A (U.S. SOFR 1 Month+1.45%)144A± |
|
5.11 |
11-19-2042 |
|
1,000,000 |
1,001,852 |
The accompanying notes are an integral part of these financial statements.
8 | Allspring Multi-Sector Income Fund
Portfolio of investments—April 30, 2026 (unaudited)
| |
|
Interest
rate |
Maturity
date |
Principal |
Value | |
| Asset-backed securities(continued) |
|
|
|
|
|
|
| Starwood LLC Series 2025-SIF5A Class A (U.S. SOFR 3 Month+1.55%)144A± |
|
5.22 % |
4-15-2037 |
$ |
1,000,000 |
$1,001,832 |
| Starwood Ltd. Series 2022-FL3 Class A (30 Day Average U.S. SOFR+1.35%)144A± |
|
4.99 |
11-15-2038 |
|
90,864 |
90,845 |
| Store Master Funding I-VII XIV XIX XX XXIV Series 2023-1A Class A1144A |
|
6.19 |
6-20-2053 |
|
492,709 |
493,074 |
| Store Master Funding I-VII Series 2018-1A Class A2144A |
|
4.29 |
10-20-2048 |
|
483,467 |
478,369 |
| Terwin Mortgage Trust Series 2003-6HE Class A3 (U.S. SOFR 1 Month+1.25%)± |
|
4.93 |
11-25-2033 |
|
82,509 |
75,559 |
| TRTX Issuer Ltd. Series 2022-FL5 Class A (U.S. SOFR 1 Month+1.65%)144A± |
|
5.32 |
2-15-2039 |
|
363,739 |
363,781 |
| TRTX Issuer Ltd. Series 2025-FL7 Class A (U.S. SOFR 1 Month+1.45%)144A± |
|
5.11 |
6-18-2043 |
|
1,000,000 |
1,000,684 |
| Uniti Fiber ABS Issuer LLC Series 2025-1A Class B144A |
|
6.37 |
4-20-2055 |
|
510,000 |
517,652 |
| Vital Care Issuer LLC Series 2025-1A Class A2144A |
|
6.74 |
1-30-2056 |
|
39,900 |
40,020 |
| Total asset-backed securities (Cost $13,712,180) |
|
|
|
|
|
13,331,969 |
| |
|
|
|
Shares |
| |
| Common stocks: 0.59% |
|
|
|
|
|
|
| Energy: 0.41% |
|
|
|
|
|
|
| Oil, gas & consumable fuels: 0.41% |
|
|
|
|
|
|
| Enviva, Inc. (Acquired 12-06-2024, cost $325,099)†˃ |
|
|
|
|
59,579 |
1,146,896 |
| Health care: 0.18% |
|
|
|
|
|
|
| Health care providers & services: 0.18% |
|
|
|
|
|
|
| Modivcare Topco LLC† |
|
|
|
|
87,220 |
490,612 |
| Total common stocks (Cost $615,306) |
|
|
|
|
|
1,637,508 |
| |
|
|
|
Principal |
| |
| Corporate bonds and notes: 64.32% |
|
|
|
|
|
|
| Basic materials: 1.80% |
|
|
|
|
|
|
| Chemicals: 1.32% |
|
|
|
|
|
|
| Celanese U.S. Holdings LLC |
|
6.50 |
4-15-2030 |
$ |
920,000 |
941,090 |
| Celanese U.S. Holdings LLC |
|
7.38 |
7-15-2032 |
|
395,000 |
418,614 |
| Chemours Co.144A |
|
7.88 |
3-15-2034 |
|
430,000 |
439,726 |
| Chemours Co.144A |
|
8.00 |
1-15-2033 |
|
890,000 |
917,314 |
| SCIH Salt Holdings, Inc.144A |
|
6.63 |
5-1-2029 |
|
930,000 |
923,127
|
| |
|
|
|
|
|
3,639,871 |
| Iron/steel: 0.48% |
|
|
|
|
|
|
| Cleveland-Cliffs, Inc.144A |
|
7.00 |
3-15-2032 |
|
1,340,000 |
1,339,165 |
| Communications: 10.00% |
|
|
|
|
|
|
| Advertising: 0.96% |
|
|
|
|
|
|
| Clear Channel Outdoor Holdings, Inc.144A |
|
7.13 |
2-15-2031 |
|
1,220,000 |
1,268,327 |
The accompanying notes are an integral part of these financial statements.
Allspring Multi-Sector Income Fund | 9
Portfolio of investments—April 30, 2026 (unaudited)
| |
|
Interest
rate |
Maturity
date |
Principal |
Value | |
| Advertising(continued) |
|
|
|
|
|
|
| Outfront Media Capital LLC/Outfront Media Capital Corp.144A |
|
4.63 % |
3-15-2030 |
$ |
590,000 |
$574,079 |
| Outfront Media Capital LLC/Outfront Media Capital Corp.144A |
|
7.38 |
2-15-2031 |
|
775,000 |
810,557 |
| |
|
|
|
|
|
2,652,963 |
| Internet: 1.29% |
|
|
|
|
|
|
| Arches Buyer, Inc.144A |
|
4.25 |
6-1-2028 |
|
350,000 |
342,530 |
| Arches Buyer, Inc.144A |
|
6.13 |
12-1-2028 |
|
965,000 |
938,214 |
| Match Group Holdings II LLC144A |
|
5.63 |
2-15-2029 |
|
791,000 |
793,313 |
| Match Group Holdings II LLC144A |
|
6.13 |
9-15-2033 |
|
545,000 |
538,486 |
| Wayfair LLC144A |
|
6.75 |
11-15-2032 |
|
950,000 |
960,456 |
| |
|
|
|
|
|
3,572,999 |
| Media: 5.16% |
|
|
|
|
|
|
| CCO Holdings LLC/CCO Holdings Capital Corp.144A |
|
4.25 |
1-15-2034 |
|
1,750,000 |
1,467,822 |
| CCO Holdings LLC/CCO Holdings Capital Corp.144A |
|
4.50 |
8-15-2030 |
|
2,550,000 |
2,378,551 |
| CCO Holdings LLC/CCO Holdings Capital Corp. |
|
4.50 |
5-1-2032 |
|
900,000 |
790,342 |
| Charter Communications Operating LLC/Charter Communications Operating Capital |
|
5.05 |
3-30-2029 |
|
675,000 |
676,793 |
| CSC Holdings LLC144A |
|
3.38 |
2-15-2031 |
|
715,000 |
415,592 |
| CSC Holdings LLC144A |
|
5.50 |
4-15-2027 |
|
855,000 |
721,231 |
| CSC Holdings LLC144A |
|
5.75 |
1-15-2030 |
|
425,000 |
150,902 |
| CSC Holdings LLC144A |
|
11.25 |
5-15-2028 |
|
565,000 |
459,509 |
| DISH DBS Corp.144A |
|
5.75 |
12-1-2028 |
|
420,000 |
412,646 |
| DISH Network Corp.144A |
|
11.75 |
11-15-2027 |
|
1,410,000 |
1,455,543 |
| EchoStar Corp. (PIK at 6.75%)¥ |
|
6.75 |
11-30-2030 |
|
2,136,477 |
2,167,706 |
| Gray Media, Inc.144A |
|
9.63 |
7-15-2032 |
|
595,000 |
604,945 |
| News Corp.144A |
|
5.13 |
2-15-2032 |
|
500,000 |
491,484 |
| Paramount Global |
|
4.20 |
5-19-2032 |
|
550,000 |
480,643 |
| Paramount Global (U.S. SOFR 3 Month+3.90%)± |
|
6.25 |
2-28-2057 |
|
675,000 |
482,235 |
| Sirius XM Radio LLC144A |
|
4.13 |
7-1-2030 |
|
1,190,000 |
1,107,282 |
| |
|
|
|
|
|
14,263,226 |
| Telecommunications: 2.59% |
|
|
|
|
|
|
| APLD ComputeCo 2 LLC144A |
|
6.75 |
3-15-2031 |
|
495,000 |
490,077 |
| Black Pearl Compute LLC144A |
|
6.13 |
2-15-2031 |
|
490,000 |
497,148 |
| Core Scientific Finance I LLC144A%% |
|
7.75 |
5-15-2031 |
|
505,000 |
503,740 |
| Edged Compute LLC144A |
|
7.50 |
4-30-2031 |
|
510,000 |
500,062 |
| Level 3 Financing, Inc.144A |
|
3.63 |
1-15-2029 |
|
610,000 |
579,500 |
| Level 3 Financing, Inc.144A |
|
6.88 |
6-30-2033 |
|
655,000 |
675,981 |
| Level 3 Financing, Inc.144A |
|
8.50 |
1-15-2036 |
|
720,000 |
771,128 |
| PR RNO Property Owner 1 LLC144A%% |
|
6.50 |
5-1-2031 |
|
700,000 |
693,850 |
| Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC144A |
|
5.15 |
3-20-2028 |
|
300,000 |
300,463 |
| SV RNO Property Owner 1 LLC144A |
|
5.88 |
3-1-2031 |
|
595,000 |
583,783 |
| Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC144A |
|
8.63 |
6-15-2032 |
|
280,000 |
293,049 |
The accompanying notes are an integral part of these financial statements.
10 | Allspring Multi-Sector Income Fund
Portfolio of investments—April 30, 2026 (unaudited)
| |
|
Interest
rate |
Maturity
date |
Principal |
Value | |
| Telecommunications(continued) |
|
|
|
|
|
|
| Windstream Services LLC/Windstream Escrow Finance Corp.144A |
|
8.25 % |
10-1-2031 |
$ |
825,000 |
$872,601 |
| WULF Compute LLC144A |
|
7.75 |
10-15-2030 |
|
365,000 |
383,613 |
| |
|
|
|
|
|
7,144,995 |
| Consumer, cyclical: 10.71% |
|
|
|
|
|
|
| Apparel: 0.47% |
|
|
|
|
|
|
| Beach Acquisition Bidco LLC (PIK at 10.75%)144A¥ |
|
10.00 |
7-15-2033 |
|
1,191,348 |
1,310,493 |
| Auto manufacturers: 0.28% |
|
|
|
|
|
|
| Ford Motor Co. |
|
4.75 |
1-15-2043 |
|
750,000 |
579,266 |
| Nissan Motor Acceptance Co. LLC144A |
|
7.05 |
9-15-2028 |
|
175,000 |
179,466 |
| |
|
|
|
|
|
758,732 |
| Auto parts & equipment: 0.93% |
|
|
|
|
|
|
| Adient Global Holdings Ltd.144A |
|
7.50 |
2-15-2033 |
|
805,000 |
823,470 |
| Adient Global Holdings Ltd.144A |
|
8.25 |
4-15-2031 |
|
145,000 |
151,255 |
| American Axle & Manufacturing, Inc. |
|
5.00 |
10-1-2029 |
|
400,000 |
388,676 |
| American Axle & Manufacturing, Inc.144A |
|
7.75 |
10-15-2033 |
|
355,000 |
346,596 |
| ZF North America Capital, Inc.144A |
|
6.88 |
4-23-2032 |
|
490,000 |
479,496 |
| ZF North America Capital, Inc.144A |
|
7.50 |
3-24-2031 |
|
385,000 |
385,496 |
| |
|
|
|
|
|
2,574,989 |
| Distribution/wholesale: 0.07% |
|
|
|
|
|
|
| RB Global Holdings, Inc.144A |
|
7.75 |
3-15-2031 |
|
175,000 |
181,699 |
| Entertainment: 2.00% |
|
|
|
|
|
|
| Churchill Downs, Inc.144A |
|
6.75 |
5-1-2031 |
|
800,000 |
818,254 |
| Cinemark USA, Inc.144A |
|
7.00 |
8-1-2032 |
|
1,425,000 |
1,472,695 |
| Discovery Global Holdings, Inc. |
|
4.05 |
3-15-2029 |
|
635,000 |
618,001 |
| Discovery Global Holdings, Inc. |
|
4.28 |
3-15-2032 |
|
666,000 |
603,216 |
| Discovery Global Holdings, Inc. |
|
5.05 |
3-15-2042 |
|
515,000 |
367,468 |
| Six Flags Entertainment Corp.144A |
|
7.25 |
5-15-2031 |
|
200,000 |
197,201 |
| Six Flags Entertainment Corp./Canada’s Wonderland Co./Millennium Operations LLC144A |
|
8.63 |
1-15-2032 |
|
420,000 |
426,993 |
| Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada’s Wonderland Co.144A |
|
6.63 |
5-1-2032 |
|
1,005,000 |
1,022,877 |
| |
|
|
|
|
|
5,526,705 |
| Home builders: 1.27% |
|
|
|
|
|
|
| Ashton Woods USA LLC/Ashton Woods Finance Co.144A |
|
6.88 |
8-1-2033 |
|
880,000 |
863,441 |
| Century Communities, Inc.144A |
|
6.63 |
9-15-2033 |
|
495,000 |
492,514 |
| K Hovnanian Enterprises, Inc.144A |
|
8.38 |
10-1-2033 |
|
690,000 |
693,199 |
| LGI Homes, Inc.144A |
|
8.75 |
12-15-2028 |
|
675,000 |
695,039 |
| Taylor Morrison Communities, Inc.144A |
|
5.13 |
8-1-2030 |
|
255,000 |
253,969 |
| Tri Pointe Homes, Inc. |
|
5.70 |
6-15-2028 |
|
515,000 |
519,708 |
| |
|
|
|
|
|
3,517,870 |
The accompanying notes are an integral part of these financial statements.
Allspring Multi-Sector Income Fund | 11
Portfolio of investments—April 30, 2026 (unaudited)
| |
|
Interest
rate |
Maturity
date |
Principal |
Value | |
| Home furnishings: 0.21% |
|
|
|
|
|
|
| Whirlpool Corp. |
|
6.13 % |
6-15-2030 |
$ |
590,000 |
$578,574 |
| Housewares: 0.63% |
|
|
|
|
|
|
| Central Garden & Pet Co. |
|
4.13 |
10-15-2030 |
|
375,000 |
354,158 |
| Newell Brands, Inc. |
|
6.38 |
5-15-2030 |
|
605,000 |
592,540 |
| Newell Brands, Inc.144A |
|
8.50 |
6-1-2028 |
|
755,000 |
788,949 |
| |
|
|
|
|
|
1,735,647 |
| Leisure time: 0.89% |
|
|
|
|
|
|
| NCL Corp. Ltd.144A |
|
6.25 |
9-15-2033 |
|
1,095,000 |
1,059,775 |
| NCL Corp. Ltd.144A |
|
6.75 |
2-1-2032 |
|
380,000 |
378,136 |
| NCL Corp. Ltd.144A |
|
7.75 |
2-15-2029 |
|
275,000 |
287,079 |
| Viking Cruises Ltd.144A |
|
5.88 |
10-15-2033 |
|
235,000 |
235,597 |
| Viking Cruises Ltd.144A |
|
7.00 |
2-15-2029 |
|
500,000 |
501,342 |
| |
|
|
|
|
|
2,461,929 |
| Lodging: 0.33% |
|
|
|
|
|
|
| Genting New York LLC/GENNY Capital, Inc.144A |
|
7.25 |
10-1-2029 |
|
625,000 |
634,684 |
| Las Vegas Sands Corp. |
|
6.20 |
8-15-2034 |
|
255,000 |
262,055 |
| |
|
|
|
|
|
896,739 |
| Retail: 3.63% |
|
|
|
|
|
|
| Advance Auto Parts, Inc.144A |
|
7.38 |
8-1-2033 |
|
900,000 |
928,647 |
| Carvana Co.144A |
|
9.00 |
6-1-2030 |
|
1,375,000 |
1,430,349 |
| Carvana Co.144A |
|
9.00 |
6-1-2031 |
|
500,000 |
553,123 |
| FirstCash, Inc.144A |
|
4.63 |
9-1-2028 |
|
250,000 |
245,796 |
| FirstCash, Inc.144A |
|
6.88 |
3-1-2032 |
|
1,105,000 |
1,132,493 |
| Lithia Motors, Inc.144A |
|
4.38 |
1-15-2031 |
|
670,000 |
636,361 |
| Macy’s Retail Holdings LLC144A |
|
6.13 |
3-15-2032 |
|
580,000 |
580,280 |
| Michaels Cos., Inc.144A |
|
8.50 |
3-15-2033 |
|
505,000 |
498,713 |
| Michaels Cos., Inc.144A |
|
11.00 |
3-15-2034 |
|
1,050,000 |
1,013,254 |
| PetSmart LLC/PetSmart Finance Corp.144A |
|
7.50 |
9-15-2032 |
|
830,000 |
840,457 |
| PetSmart LLC/PetSmart Finance Corp.144A |
|
10.00 |
9-15-2033 |
|
475,000 |
479,786 |
| QXO Building Products, Inc.144A |
|
6.75 |
4-30-2032 |
|
595,000 |
606,924 |
| Sally Holdings LLC/Sally Capital, Inc. |
|
6.75 |
4-1-2032 |
|
405,000 |
417,435 |
| Sonic Automotive, Inc.144A |
|
4.88 |
11-15-2031 |
|
695,000 |
668,222 |
| |
|
|
|
|
|
10,031,840 |
| Consumer, non-cyclical: 9.40% |
|
|
|
|
|
|
| Commercial services: 3.40% |
|
|
|
|
|
|
| ADT Security Corp.144A |
|
5.88 |
10-15-2033 |
|
340,000 |
334,950 |
| Allied Universal Holdco LLC144A |
|
7.88 |
2-15-2031 |
|
645,000 |
676,523 |
| Block, Inc. |
|
6.50 |
5-15-2032 |
|
895,000 |
912,053 |
| CoreCivic, Inc. |
|
8.25 |
4-15-2029 |
|
955,000 |
994,868 |
| GEO Group, Inc. |
|
8.63 |
4-15-2029 |
|
425,000 |
442,179 |
| GEO Group, Inc. |
|
10.25 |
4-15-2031 |
|
845,000 |
906,899 |
| Global Payments, Inc. |
|
4.88 |
11-15-2030 |
|
500,000 |
491,415 |
| Herc Holdings, Inc.144A |
|
7.00 |
6-15-2030 |
|
885,000 |
920,730 |
The accompanying notes are an integral part of these financial statements.
12 | Allspring Multi-Sector Income Fund
Portfolio of investments—April 30, 2026 (unaudited)
| |
|
Interest
rate |
Maturity
date |
Principal |
Value | |
| Commercial services(continued) |
|
|
|
|
|
|
| Herc Holdings, Inc.144A |
|
7.25 % |
6-15-2033 |
$ |
775,000 |
$811,603 |
| Service Corp. International |
|
5.75 |
10-15-2032 |
|
1,055,000 |
1,064,302 |
| Sotheby’s/BidFair Holdings, Inc.144A |
|
5.88 |
6-1-2029 |
|
1,200,000 |
1,139,257 |
| Veritiv Operating Co.144A |
|
10.50 |
11-30-2030 |
|
670,000 |
706,029 |
| |
|
|
|
|
|
9,400,808 |
| Food: 0.97% |
|
|
|
|
|
|
| Industrial F&B Investments III, Inc.144A |
|
7.75 |
2-11-2033 |
|
580,000 |
586,094 |
| Lamb Weston Holdings, Inc.144A |
|
4.38 |
1-31-2032 |
|
570,000 |
536,854 |
| Performance Food Group, Inc.144A |
|
6.13 |
9-15-2032 |
|
495,000 |
501,767 |
| U.S. Foods, Inc.144A |
|
5.75 |
4-15-2033 |
|
1,060,000 |
1,063,890 |
| |
|
|
|
|
|
2,688,605 |
| Healthcare-services: 4.70% |
|
|
|
|
|
|
| CHS/Community Health Systems, Inc.144A |
|
5.25 |
5-15-2030 |
|
465,000 |
439,070 |
| CHS/Community Health Systems, Inc.144A |
|
6.00 |
1-15-2029 |
|
580,000 |
575,406 |
| CHS/Community Health Systems, Inc.144A |
|
6.88 |
4-15-2029 |
|
535,000 |
526,358 |
| CHS/Community Health Systems, Inc.144A |
|
10.88 |
1-15-2032 |
|
400,000 |
429,596 |
| CommonSpirit Health (AG Insured) |
|
3.82 |
10-1-2049 |
|
750,000 |
549,584 |
| Concentra Health Services, Inc.144A |
|
6.88 |
7-15-2032 |
|
1,105,000 |
1,145,102 |
| DaVita, Inc.144A |
|
6.88 |
9-1-2032 |
|
1,740,000 |
1,796,012 |
| HCA, Inc. |
|
5.75 |
3-1-2035 |
|
1,000,000 |
1,029,512 |
| IQVIA, Inc.144A |
|
6.25 |
6-1-2032 |
|
285,000 |
290,243 |
| LifePoint Health, Inc.144A |
|
7.00 |
5-1-2034 |
|
290,000 |
282,769 |
| Molina Healthcare, Inc.144A |
|
6.25 |
1-15-2033 |
|
810,000 |
809,148 |
| MPH Acquisition Holdings LLC144A |
|
5.75 |
12-31-2030 |
|
103,081 |
85,468 |
| MPH Acquisition Holdings LLC (PIK at 0.75%)144A¥ |
|
6.75 |
3-31-2031 |
|
462,601 |
311,120 |
| MPH Acquisition Holdings LLC (PIK at 5.00%)144A¥ |
|
11.50 |
12-31-2030 |
|
270,814 |
252,706 |
| Pediatrix Medical Group, Inc.144A |
|
5.38 |
2-15-2030 |
|
665,000 |
661,222 |
| Radiology Partners, Inc.144A |
|
8.50 |
7-15-2032 |
|
700,000 |
695,996 |
| Star Parent, Inc.144A |
|
9.00 |
10-1-2030 |
|
1,180,000 |
1,236,114 |
| Surgery Center Holdings, Inc.144A |
|
7.25 |
4-15-2032 |
|
415,000 |
413,892 |
| Tenet Healthcare Corp. |
|
6.75 |
5-15-2031 |
|
1,400,000 |
1,438,592 |
| |
|
|
|
|
|
12,967,910 |
| Pharmaceuticals: 0.33% |
|
|
|
|
|
|
| AdaptHealth LLC144A |
|
5.13 |
3-1-2030 |
|
775,000 |
753,688 |
| CVS Pass-Through Trust |
|
6.04 |
12-10-2028 |
|
145,314 |
146,330 |
| |
|
|
|
|
|
900,018 |
| Energy: 6.16% |
|
|
|
|
|
|
| Energy-alternate sources: 0.00% |
|
|
|
|
|
|
| Enviva Partners LP/Enviva Partners Finance Corp.144A♦† |
|
6.50 |
1-15-2026 |
|
2,845,000 |
0 |
| Oil & gas: 1.47% |
|
|
|
|
|
|
| Aethon United BR LP/Aethon United Finance Corp.144A |
|
7.50 |
10-1-2029 |
|
430,000 |
449,220 |
| California Resources Corp.144A |
|
7.00 |
1-15-2034 |
|
575,000 |
586,748 |
| California Resources Corp.144A |
|
8.25 |
6-15-2029 |
|
547,000 |
570,379 |
The accompanying notes are an integral part of these financial statements.
Allspring Multi-Sector Income Fund | 13
Portfolio of investments—April 30, 2026 (unaudited)
| |
|
Interest
rate |
Maturity
date |
Principal |
Value | |
| Oil & gas(continued) |
|
|
|
|
|
|
| Caturus Energy LLC144A |
|
8.50 % |
2-15-2030 |
$ |
210,000 |
$219,570 |
| Hilcorp Energy I LP/Hilcorp Finance Co.144A |
|
6.00 |
2-1-2031 |
|
1,075,000 |
1,062,420 |
| Nabors Industries, Inc.144A |
|
9.13 |
1-31-2030 |
|
700,000 |
735,159 |
| SM Energy Co.144A |
|
9.63 |
6-15-2033 |
|
400,000 |
445,712 |
| |
|
|
|
|
|
4,069,208 |
| Oil & gas services: 0.86% |
|
|
|
|
|
|
| Archrock Partners LP/Archrock Partners Finance Corp.144A |
|
6.63 |
9-1-2032 |
|
710,000 |
730,559 |
| Bristow Group, Inc.144A |
|
6.75 |
2-1-2033 |
|
810,000 |
824,247 |
| SESI LLC144A |
|
7.88 |
9-30-2030 |
|
655,000 |
676,381 |
| USA Compression Partners LP/USA Compression Finance Corp.144A |
|
6.25 |
10-1-2033 |
|
140,000 |
141,276 |
| |
|
|
|
|
|
2,372,463 |
| Pipelines: 3.83% |
|
|
|
|
|
|
| Antero Midstream Partners LP/Antero Midstream Finance Corp.144A |
|
5.75 |
10-15-2033 |
|
410,000 |
409,189 |
| Boardwalk Pipelines LP |
|
4.80 |
5-3-2029 |
|
750,000 |
752,643 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC144A |
|
5.50 |
6-15-2031 |
|
960,000 |
948,299 |
| CQP Holdco LP/BIP-V Chinook Holdco LLC144A |
|
7.50 |
12-15-2033 |
|
765,000 |
813,375 |
| Excelerate Energy LP144A |
|
8.00 |
5-15-2030 |
|
740,000 |
784,762 |
| Harvest Midstream I LP144A |
|
7.50 |
9-1-2028 |
|
550,000 |
553,624 |
| Harvest Midstream I LP144A |
|
7.50 |
5-15-2032 |
|
285,000 |
296,728 |
| Hess Midstream Operations LP144A |
|
5.50 |
10-15-2030 |
|
300,000 |
300,139 |
| Prairie Acquiror LP144A |
|
9.00 |
8-1-2029 |
|
375,000 |
391,602 |
| Rockies Express Pipeline LLC144A |
|
6.75 |
3-15-2033 |
|
300,000 |
312,788 |
| Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.144A |
|
6.00 |
12-31-2030 |
|
1,300,000 |
1,306,895 |
| Venture Global LNG, Inc.144A |
|
8.38 |
6-1-2031 |
|
650,000 |
677,712 |
| Venture Global LNG, Inc.144A |
|
9.88 |
2-1-2032 |
|
820,000 |
879,741 |
| Venture Global LNG, Inc. (5 Year Treasury Constant Maturity+5.44%)144Aʊ± |
|
9.00 |
9-30-2029 |
|
1,075,000 |
1,063,221 |
| Venture Global Plaquemines LNG LLC144A |
|
7.50 |
5-1-2033 |
|
985,000 |
1,092,328 |
| |
|
|
|
|
|
10,583,046 |
| Financial: 14.18% |
|
|
|
|
|
|
| Banks: 1.62% |
|
|
|
|
|
|
| Citigroup, Inc. Series HH (5 Year Treasury Constant Maturity+3.00%)ʊ± |
|
6.63 |
2-15-2031 |
|
1,960,000 |
1,984,023 |
| PNC Financial Services Group, Inc. Series U (5 Year Treasury Constant Maturity+3.00%)ʊ± |
|
6.00 |
5-15-2027 |
|
985,000 |
985,153 |
| Santander Holdings USA, Inc. (U.S. SOFR+1.88%)± |
|
5.74 |
3-20-2031 |
|
500,000 |
513,871 |
| Wells Fargo & Co. (5 Year Treasury Constant Maturity+2.77%)ʊ± |
|
6.85 |
9-15-2029 |
|
955,000 |
993,389 |
| |
|
|
|
|
|
4,476,436 |
The accompanying notes are an integral part of these financial statements.
14 | Allspring Multi-Sector Income Fund
Portfolio of investments—April 30, 2026 (unaudited)
| |
|
Interest
rate |
Maturity
date |
Principal |
Value | |
| Diversified financial services: 4.22% |
|
|
|
|
|
|
| Azorra Finance Ltd.144A |
|
7.25 % |
1-15-2031 |
$ |
255,000 |
$261,205 |
| Encore Capital Group, Inc.144A |
|
9.25 |
4-1-2029 |
|
800,000 |
836,000 |
| EZCORP, Inc.144A |
|
7.38 |
4-1-2032 |
|
495,000 |
523,294 |
| Jane Street Group/JSG Finance, Inc.144A |
|
6.13 |
11-1-2032 |
|
435,000 |
437,287 |
| Jane Street Group/JSG Finance, Inc.144A |
|
6.75 |
5-1-2033 |
|
525,000 |
539,338 |
| Jane Street Group/JSG Finance, Inc.144A |
|
7.13 |
4-30-2031 |
|
765,000 |
793,130 |
| Jefferson Capital Holdings LLC144A |
|
8.25 |
5-15-2030 |
|
295,000 |
308,737 |
| Jefferson Capital Holdings LLC144A |
|
9.50 |
2-15-2029 |
|
625,000 |
657,657 |
| OneMain Finance Corp. |
|
7.13 |
9-15-2032 |
|
1,005,000 |
1,019,127 |
| OneMain Finance Corp. |
|
7.88 |
3-15-2030 |
|
955,000 |
995,574 |
| PRA Group, Inc.144A |
|
5.00 |
10-1-2029 |
|
561,000 |
532,604 |
| Provident Funding Associates LP/PFG Finance Corp.144A |
|
9.75 |
9-15-2029 |
|
650,000 |
676,904 |
| Rocket Cos., Inc.144A |
|
6.13 |
8-1-2030 |
|
340,000 |
345,044 |
| Rocket Cos., Inc.144A |
|
6.50 |
8-1-2029 |
|
200,000 |
203,738 |
| Rocket Cos., Inc.144A |
|
7.13 |
2-1-2032 |
|
825,000 |
852,741 |
| Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.144A |
|
4.00 |
10-15-2033 |
|
665,000 |
599,146 |
| Synchrony Financial |
|
5.15 |
3-19-2029 |
|
750,000 |
751,846 |
| United Wholesale Mortgage LLC144A |
|
5.50 |
4-15-2029 |
|
1,100,000 |
1,049,570 |
| United Wholesale Mortgage LLC144A |
|
6.25 |
3-15-2031 |
|
295,000 |
273,569 |
| |
|
|
|
|
|
11,656,511 |
| Insurance: 4.41% |
|
|
|
|
|
|
| Alliant Holdings Intermediate LLC/Alliant Holdings Co- Issuer144A |
|
7.38 |
10-1-2032 |
|
2,030,000 |
1,994,656 |
| AmWINS Group, Inc.144A |
|
6.38 |
2-15-2029 |
|
530,000 |
536,175 |
| Assurant, Inc. |
|
3.70 |
2-22-2030 |
|
750,000 |
720,109 |
| Asurion LLC/Asurion Co-Issuer, Inc.144A |
|
8.00 |
12-31-2032 |
|
285,000 |
297,708 |
| Asurion LLC/Asurion Co-Issuer, Inc.144A |
|
8.38 |
2-1-2034 |
|
790,000 |
779,420 |
| Athene Holding Ltd. |
|
4.13 |
1-12-2028 |
|
750,000 |
742,134 |
| Athene Holding Ltd. (5 Year Treasury Constant Maturity+2.58%)± |
|
6.88 |
6-28-2055 |
|
500,000 |
485,207 |
| Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance144A |
|
7.13 |
5-15-2031 |
|
475,000 |
480,929 |
| Broadstreet Partners Group LLC144A |
|
5.88 |
4-15-2029 |
|
1,005,000 |
989,620 |
| Global Atlantic Fin Co. (5 Year Treasury Constant Maturity+3.55%)144A± |
|
7.25 |
3-1-2056 |
|
490,000 |
482,975 |
| HUB International Ltd.144A |
|
5.63 |
12-1-2029 |
|
415,000 |
409,788 |
| HUB International Ltd.144A |
|
7.38 |
1-31-2032 |
|
1,000,000 |
1,024,371 |
| Liberty Mutual Group, Inc.144A |
|
4.57 |
2-1-2029 |
|
750,000 |
748,086 |
| MetLife, Inc. |
|
6.40 |
12-15-2036 |
|
1,000,000 |
1,024,382 |
| Prudential Financial, Inc. (U.S. SOFR 3 Month+2.38%)± |
|
4.50 |
9-15-2047 |
|
750,000 |
734,800 |
| Sammons Financial Group, Inc.144A |
|
4.45 |
5-12-2027 |
|
750,000 |
746,808 |
| |
|
|
|
|
|
12,197,168 |
The accompanying notes are an integral part of these financial statements.
Allspring Multi-Sector Income Fund | 15
Portfolio of investments—April 30, 2026 (unaudited)
| |
|
Interest
rate |
Maturity
date |
Principal |
Value | |
| Investment Companies: 0.36% |
|
|
|
|
|
|
| Golub Capital Private Credit Fund BDC |
|
5.88 % |
5-1-2030 |
$ |
500,000 |
$493,281 |
| HA Sustainable Infrastructure Capital, Inc. (5 Year Treasury Constant Maturity+4.30%)± |
|
8.00 |
6-1-2056 |
|
475,000 |
504,212 |
| |
|
|
|
|
|
997,493 |
| REITs: 3.57% |
|
|
|
|
|
|
| Blackstone Mortgage Trust, Inc.144A |
|
7.75 |
12-1-2029 |
|
600,000 |
636,443 |
| Brandywine Operating Partnership LP |
|
6.13 |
1-15-2031 |
|
345,000 |
321,087 |
| Brandywine Operating Partnership LP |
|
8.88 |
4-12-2029 |
|
455,000 |
476,200 |
| Iron Mountain, Inc.144A |
|
4.50 |
2-15-2031 |
|
1,330,000 |
1,278,097 |
| Iron Mountain, Inc.144A |
|
5.25 |
7-15-2030 |
|
1,455,000 |
1,439,943 |
| Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.144A |
|
7.00 |
7-15-2031 |
|
1,020,000 |
1,057,871 |
| Omega Healthcare Investors, Inc. |
|
4.50 |
4-1-2027 |
|
600,000 |
599,769 |
| Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer144A |
|
7.00 |
2-1-2030 |
|
635,000 |
648,292 |
| Piedmont Operating Partnership LP |
|
2.75 |
4-1-2032 |
|
350,000 |
297,781 |
| RHP Hotel Properties LP/RHP Finance Corp.144A |
|
5.75 |
3-15-2034 |
|
725,000 |
720,656 |
| RHP Hotel Properties LP/RHP Finance Corp.144A |
|
6.50 |
6-15-2033 |
|
695,000 |
715,859 |
| Starwood Property Trust, Inc.144A |
|
6.50 |
7-1-2030 |
|
850,000 |
870,864 |
| Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC144A |
|
6.00 |
1-15-2030 |
|
270,000 |
260,888 |
| Vornado Realty LP |
|
5.75 |
2-1-2033 |
|
530,000 |
530,899 |
| |
|
|
|
|
|
9,854,649 |
| Industrial: 5.27% |
|
|
|
|
|
|
| Aerospace/defense: 0.76% |
|
|
|
|
|
|
| TransDigm, Inc.144A |
|
6.63 |
3-1-2032 |
|
2,035,000 |
2,091,355 |
| Building materials: 0.81% |
|
|
|
|
|
|
| EMRLD Borrower LP/Emerald Co-Issuer, Inc.144A |
|
6.63 |
12-15-2030 |
|
1,030,000 |
1,054,492 |
| Quikrete Holdings, Inc.144A |
|
6.38 |
3-1-2032 |
|
245,000 |
248,866 |
| Quikrete Holdings, Inc.144A |
|
6.75 |
3-1-2033 |
|
535,000 |
542,525 |
| Standard Building Solutions, Inc.144A |
|
6.25 |
8-1-2033 |
|
410,000 |
409,737 |
| |
|
|
|
|
|
2,255,620 |
| Electrical components & equipment: 0.66% |
|
|
|
|
|
|
| Energizer Holdings, Inc.144A |
|
4.38 |
3-31-2029 |
|
800,000 |
769,577 |
| WESCO Distribution, Inc.144A |
|
6.63 |
3-15-2032 |
|
1,015,000 |
1,051,200 |
| |
|
|
|
|
|
1,820,777 |
| Electronics: 0.33% |
|
|
|
|
|
|
| Keysight Technologies, Inc. |
|
4.60 |
4-6-2027 |
|
600,000 |
601,090 |
| Sensata Technologies, Inc.144A |
|
6.63 |
7-15-2032 |
|
300,000 |
309,534 |
| |
|
|
|
|
|
910,624 |
| Engineering & construction: 0.18% |
|
|
|
|
|
|
| Jacobs Solutions, Inc. |
|
4.75 |
3-3-2031 |
|
500,000 |
494,817 |
The accompanying notes are an integral part of these financial statements.
16 | Allspring Multi-Sector Income Fund
Portfolio of investments—April 30, 2026 (unaudited)
| |
|
Interest
rate |
Maturity
date |
Principal |
Value | |
| Environmental control: 0.23% |
|
|
|
|
|
|
| Clean Harbors, Inc.144A |
|
6.38 % |
2-1-2031 |
$ |
615,000 |
$625,909 |
| Machinery-diversified: 0.38% |
|
|
|
|
|
|
| Chart Industries, Inc.144A |
|
7.50 |
1-1-2030 |
|
300,000 |
311,439 |
| Chart Industries, Inc.144A |
|
9.50 |
1-1-2031 |
|
510,000 |
536,074 |
| TK Elevator U.S. Newco, Inc.144A |
|
5.25 |
7-15-2027 |
|
200,000 |
200,050 |
| |
|
|
|
|
|
1,047,563 |
| Packaging & containers: 0.87% |
|
|
|
|
|
|
| Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC144A |
|
4.00 |
9-1-2029 |
|
745,000 |
697,256 |
| Clydesdale Acquisition Holdings, Inc.144A |
|
8.75 |
4-15-2030 |
|
930,000 |
843,813 |
| Sword Purchaser LLC144A |
|
8.25 |
4-15-2033 |
|
850,000 |
869,685 |
| |
|
|
|
|
|
2,410,754 |
| Transportation: 0.29% |
|
|
|
|
|
|
| Genesee & Wyoming, Inc.144A |
|
6.25 |
4-15-2032 |
|
780,000 |
798,325 |
| Trucking & leasing: 0.76% |
|
|
|
|
|
|
| FTAI Aviation Investors LLC144A |
|
5.50 |
5-1-2028 |
|
700,000 |
699,711 |
| FTAI Aviation Investors LLC144A |
|
7.00 |
5-1-2031 |
|
1,000,000 |
1,034,922 |
| FTAI Aviation Investors LLC144A |
|
7.00 |
6-15-2032 |
|
365,000 |
376,767 |
| |
|
|
|
|
|
2,111,400 |
| Technology: 4.28% |
|
|
|
|
|
|
| Computers: 0.28% |
|
|
|
|
|
|
| Diebold Nixdorf, Inc.144A |
|
7.75 |
3-31-2030 |
|
740,000 |
777,344 |
| Office/business equipment: 0.29% |
|
|
|
|
|
|
| Zebra Technologies Corp.144A |
|
6.50 |
6-1-2032 |
|
775,000 |
790,076 |
| Semiconductors: 0.63% |
|
|
|
|
|
|
| Broadcom Corp./Broadcom Cayman Finance Ltd. |
|
3.50 |
1-15-2028 |
|
750,000 |
741,452 |
| Entegris, Inc.144A |
|
4.75 |
4-15-2029 |
|
500,000 |
496,130 |
| Entegris, Inc.144A |
|
5.95 |
6-15-2030 |
|
510,000 |
516,273 |
| |
|
|
|
|
|
1,753,855 |
| Software: 3.08% |
|
|
|
|
|
|
| AthenaHealth Group, Inc.144A |
|
6.50 |
2-15-2030 |
|
1,530,000 |
1,458,315 |
| Cloud Software Group, Inc.144A |
|
8.25 |
6-30-2032 |
|
1,035,000 |
983,289 |
| Cloud Software Group, Inc.144A |
|
9.00 |
9-30-2029 |
|
910,000 |
893,516 |
| CoreWeave, Inc.144A |
|
9.00 |
2-1-2031 |
|
860,000 |
854,547 |
| CoreWeave, Inc.144A |
|
9.75 |
10-1-2031 |
|
365,000 |
367,114 |
| Ellucian Holdings, Inc.144A |
|
6.50 |
12-1-2029 |
|
380,000 |
373,758 |
| Oak-Eagle AcquireCo, Inc.144A |
|
7.25 |
7-1-2033 |
|
395,000 |
407,014 |
| Oak-Eagle AcquireCo, Inc.144A |
|
8.75 |
7-1-2034 |
|
425,000 |
442,266 |
| Oracle Corp. |
|
5.70 |
2-4-2036 |
|
1,000,000 |
960,348 |
| Rocket Software, Inc.144A |
|
6.50 |
2-15-2029 |
|
205,000 |
183,045 |
The accompanying notes are an integral part of these financial statements.
Allspring Multi-Sector Income Fund | 17
Portfolio of investments—April 30, 2026 (unaudited)
| |
|
Interest
rate |
Maturity
date |
Principal |
Value | |
| Software(continued) |
|
|
|
|
|
|
| Rocket Software, Inc.144A |
|
9.00 % |
11-28-2028 |
$ |
725,000 |
$721,412 |
| SS&C Technologies, Inc.144A |
|
6.50 |
6-1-2032 |
|
850,000 |
860,058 |
| |
|
|
|
|
|
8,504,682 |
| Utilities: 2.52% |
|
|
|
|
|
|
| Electric: 2.52% |
|
|
|
|
|
|
| AES Corp. (5 Year Treasury Constant Maturity+2.89%)± |
|
6.95 |
7-15-2055 |
|
425,000 |
414,608 |
| AES Corp. (5 Year Treasury Constant Maturity+3.20%)± |
|
7.60 |
1-15-2055 |
|
560,000 |
570,489 |
| Duke Energy Corp. (5 Year Treasury Constant Maturity+2.59%)± |
|
6.45 |
9-1-2054 |
|
930,000 |
971,618 |
| Edison International (5 Year Treasury Constant Maturity+3.86%)± |
|
8.13 |
6-15-2053 |
|
670,000 |
687,375 |
| EUSHI Finance, Inc. (5 Year Treasury Constant Maturity+3.14%)± |
|
7.63 |
12-15-2054 |
|
945,000 |
978,360 |
| PacifiCorp (5 Year Treasury Constant Maturity+3.29%)± |
|
7.13 |
8-15-2056 |
|
800,000 |
797,390 |
| PG&E Corp. (5 Year Treasury Constant Maturity+3.88%)± |
|
7.38 |
3-15-2055 |
|
850,000 |
874,274 |
| Sempra (5 Year Treasury Constant Maturity+2.87%)± |
|
4.13 |
4-1-2052 |
|
510,000 |
502,614 |
| Vistra Corp. (5 Year Treasury Constant Maturity+5.74%)144Aʊ± |
|
7.00 |
12-15-2026 |
|
505,000 |
506,475 |
| Vistra Corp. Series C (5 Year Treasury Constant Maturity+5.05%)144Aʊ± |
|
8.88 |
1-15-2029 |
|
600,000 |
644,998 |
| |
|
|
|
|
|
6,948,201 |
| Total corporate bonds and notes (Cost $175,069,084) |
|
|
|
|
|
177,694,053 |
| Foreign corporate bonds and notes: 11.96% |
|
|
|
|
|
|
| Financial: 0.37% |
|
|
|
|
|
|
| Banks: 0.37% |
|
|
|
|
|
|
| Kreditanstalt fuer Wiederaufbau |
|
5.80 |
1-19-2028 |
ZAR |
17,500,000 |
1,014,015 |
| Government securities: 11.59% |
|
|
|
|
|
|
| Multi-national: 11.59% |
|
|
|
|
|
|
| Asian Infrastructure Investment Bank |
|
6.00 |
12-8-2031 |
INR |
185,000,000 |
1,798,665 |
| Asian Infrastructure Investment Bank |
|
7.20 |
7-2-2031 |
INR |
175,000,000 |
1,788,650 |
| European Bank for Reconstruction & Development |
|
6.30 |
10-26-2027 |
INR |
185,000,000 |
1,904,901 |
| European Investment Bank |
|
6.50 |
9-28-2032 |
ZAR |
63,500,000 |
3,546,452 |
| European Investment Bank |
|
7.25 |
1-23-2030 |
ZAR |
45,500,000 |
2,700,067 |
| Inter-American Development Bank |
|
7.00 |
4-17-2033 |
INR |
213,000,000 |
2,155,611 |
| Inter-American Development Bank |
|
7.35 |
10-6-2030 |
INR |
176,000,000 |
1,836,944 |
| International Bank for Reconstruction & Development |
|
5.75 |
1-14-2028 |
BRL |
15,000,000 |
2,711,590 |
| International Bank for Reconstruction & Development |
|
9.50 |
2-9-2029 |
BRL |
22,000,000 |
4,216,245 |
| International Finance Corp. |
|
8.25 |
8-25-2034 |
ZAR |
48,000,000 |
2,892,162 |
| International Finance Corp. |
|
9.00 |
1-22-2036 |
ZAR |
16,000,000 |
996,140 |
| International Finance Corp. |
|
10.00 |
2-3-2027 |
BRL |
7,800,000 |
1,536,918 |
| International Finance Corp. |
|
10.75 |
2-15-2028 |
BRL |
8,000,000 |
1,567,446 |
| International Finance Corp. |
|
11.50 |
1-16-2030 |
BRL |
12,000,000 |
2,376,776 |
| |
|
|
|
|
|
32,028,567 |
| Total foreign corporate bonds and notes (Cost $33,770,342) |
|
|
|
|
|
33,042,582 |
The accompanying notes are an integral part of these financial statements.
18 | Allspring Multi-Sector Income Fund
Portfolio of investments—April 30, 2026 (unaudited)
| |
|
Interest
rate |
Maturity
date |
Principal |
Value | |
| Foreign government bonds: 19.22% |
|
|
|
|
|
|
| Colombia: 4.05% |
|
|
|
|
|
|
| Colombia TES |
|
6.00 % |
4-28-2028 |
COP |
9,000,000,000 |
$2,142,889 |
| Colombia TES |
|
7.75 |
9-18-2030 |
COP |
17,000,000,000 |
3,726,835 |
| Colombia TES |
|
13.25 |
2-9-2033 |
COP |
20,100,000,000 |
5,324,788 |
| |
|
|
|
|
|
11,194,512 |
| Hungary: 1.87% |
|
|
|
|
|
|
| Hungary |
|
6.75 |
7-23-2031 |
HUF |
1,550,000,000 |
5,174,301 |
| Indonesia: 3.03% |
|
|
|
|
|
|
| Indonesia |
|
6.63 |
2-15-2034 |
IDR |
30,000,000,000 |
1,698,309 |
| Indonesia |
|
7.00 |
9-15-2030 |
IDR |
115,000,000,000 |
6,668,739 |
| |
|
|
|
|
|
8,367,048 |
| Mexico: 4.78% |
|
|
|
|
|
|
| Mexico |
|
7.50 |
5-26-2033 |
MXN |
68,500,000 |
3,604,892 |
| Mexico |
|
7.75 |
5-29-2031 |
MXN |
85,000,000 |
4,669,806 |
| Mexico |
|
8.00 |
7-31-2053 |
MXN |
33,500,000 |
1,598,089 |
| Mexico |
|
8.50 |
5-31-2029 |
MXN |
58,000,000 |
3,337,859 |
| |
|
|
|
|
|
13,210,646 |
| New Zealand: 1.24% |
|
|
|
|
|
|
| New Zealand |
|
4.25 |
5-15-2034 |
NZD |
5,900,000 |
3,409,095 |
| Romania: 3.67% |
|
|
|
|
|
|
| Romania |
|
5.00 |
2-12-2029 |
RON |
15,800,000 |
3,419,350 |
| Romania |
|
7.20 |
10-30-2033 |
RON |
14,850,000 |
3,334,311 |
| Romania |
|
7.35 |
4-28-2031 |
RON |
14,750,000 |
3,369,724 |
| |
|
|
|
|
|
10,123,385 |
| United Kingdom: 0.58% |
|
|
|
|
|
|
| U.K. Gilts |
|
3.75 |
10-22-2053 |
GBP |
1,625,000 |
1,612,420 |
| Total foreign government bonds (Cost $53,750,865) |
|
|
|
|
|
53,091,407 |
| Loans: 17.47% |
|
|
|
|
|
|
| Basic materials: 0.36% |
|
|
|
|
|
|
| Chemicals: 0.36% |
|
|
|
|
|
|
| Chemours Co. (U.S. SOFR 1 Month+3.50%)± |
|
7.15 |
10-15-2032 |
$ |
997,500 |
993,759 |
| Communications: 1.58% |
|
|
|
|
|
|
| Advertising: 0.36% |
|
|
|
|
|
|
| Clear Channel Outdoor Holdings, Inc. (U.S. SOFR 1 Month+4.00%)± |
|
7.77 |
8-23-2028 |
|
1,000,000 |
1,002,290 |
| Internet: 0.49% |
|
|
|
|
|
|
| Arches Buyer, Inc. (U.S. SOFR 1 Month+3.25%)± |
|
7.00 |
12-6-2027 |
|
1,358,732 |
1,356,354 |
The accompanying notes are an integral part of these financial statements.
Allspring Multi-Sector Income Fund | 19
Portfolio of investments—April 30, 2026 (unaudited)
| |
|
Interest
rate |
Maturity
date |
Principal |
Value | |
| Media: 0.50% |
|
|
|
|
|
|
| DIRECTV Financing LLC (U.S. SOFR 3 Month+5.25%)± |
|
9.18 % |
8-2-2029 |
$ |
841,673 |
$843,121 |
| EW Scripps Co. (U.S. SOFR 1 Month+5.75%)± |
|
9.53 |
6-30-2028 |
|
296,095 |
297,268 |
| Gray Television, Inc. (U.S. SOFR 1 Month+3.00%)± |
|
6.78 |
12-1-2028 |
|
250,000 |
250,650 |
| |
|
|
|
|
|
1,391,039 |
| Telecommunications: 0.23% |
|
|
|
|
|
|
| Connect Finco Sarl (U.S. SOFR 1 Month+4.50%)± |
|
8.15 |
9-27-2029 |
|
625,215 |
626,503 |
| Consumer, cyclical: 2.83% |
|
|
|
|
|
|
| Airlines: 0.24% |
|
|
|
|
|
|
| Vista Management Holding, Inc. (U.S. SOFR 3 Month+3.75%)± |
|
7.44 |
4-1-2031 |
|
665,179 |
658,647 |
| Auto parts & equipment: 0.44% |
|
|
|
|
|
|
| American Axle & Manufacturing, Inc. (U.S. SOFR 3 Month+3.25%)ౠ|
|
7.01 |
2-3-2033 |
|
1,222,650 |
1,221,122 |
| Entertainment: 0.71% |
|
|
|
|
|
|
| Cinemark USA, Inc. (U.S. SOFR 3 Month+2.25%)± |
|
5.95 |
5-24-2030 |
|
659,820 |
662,057 |
| Crown Finance U.S., Inc. (U.S. SOFR 1 Month+4.50%)± |
|
8.16 |
12-2-2031 |
|
1,318,362 |
1,316,530 |
| |
|
|
|
|
|
1,978,587 |
| Housewares: 0.43% |
|
|
|
|
|
|
| American Greetings Corp. (U.S. SOFR 1 Month+5.75%)± |
|
9.40 |
10-30-2029 |
|
1,184,101 |
1,179,660 |
| Retail: 1.01% |
|
|
|
|
|
|
| Michaels Cos., Inc. (U.S. SOFR 3 Month+5.00%)± |
|
8.67 |
3-15-2033 |
|
500,000 |
494,270 |
| Petco Health & Wellness Co., Inc. (U.S. SOFR 3 Month+4.25%)± |
|
7.95 |
2-3-2031 |
|
690,000 |
684,652 |
| PetSmart, Inc. (U.S. SOFR 1 Month+4.00%)± |
|
7.65 |
8-18-2032 |
|
500,000 |
501,565 |
| Tory Burch LLC (U.S. SOFR 1 Month+4.00%)± |
|
7.65 |
4-30-2031 |
|
250,000 |
247,813 |
| Victra Holdings LLC (U.S. SOFR 3 Month+3.75%)ౠ|
|
7.45 |
3-29-2029 |
|
863,782 |
857,303 |
| |
|
|
|
|
|
2,785,603 |
| Consumer, non-cyclical: 3.59% |
|
|
|
|
|
|
| Commercial services: 0.80% |
|
|
|
|
|
|
| Allied Universal Holdco LLC (U.S. SOFR 1 Month+3.25%)± |
|
6.90 |
8-20-2032 |
|
995,000 |
997,418 |
| Avis Budget Car Rental LLC (U.S. SOFR 1 Month+2.50%)± |
|
6.15 |
7-16-2032 |
|
496,250 |
492,320 |
| Veritiv Corp. (U.S. SOFR 3 Month+4.00%)± |
|
7.70 |
12-2-2030 |
|
744,959 |
719,697 |
| |
|
|
|
|
|
2,209,435 |
| Cosmetics/Personal Care: 0.36% |
|
|
|
|
|
|
| Opal Bidco SAS (U.S. SOFR 3 Month+3.00%)± |
|
6.70 |
4-28-2032 |
|
995,000 |
998,731 |
| Food: 0.25% |
|
|
|
|
|
|
| Froneri Lux Finco Sarl (U.S. SOFR 6 Month+2.25%)± |
|
5.88 |
9-30-2032 |
|
199,500 |
197,962 |
| TreeHouse Foods, Inc. (U.S. SOFR 1 Month+4.25%)± |
|
7.90 |
2-11-2033 |
|
500,000 |
503,595 |
| |
|
|
|
|
|
701,557 |
The accompanying notes are an integral part of these financial statements.
20 | Allspring Multi-Sector Income Fund
Portfolio of investments—April 30, 2026 (unaudited)
| |
|
Interest
rate |
Maturity
date |
Principal |
Value | |
| Healthcare-products: 0.38% |
|
|
|
|
|
|
| Bausch & Lomb Corp. (U.S. SOFR 1 Month+3.75%)± |
|
7.40 % |
1-15-2031 |
$ |
837,650 |
$841,578 |
| Medline Borrower LP (U.S. SOFR 1 Month+1.75%)± |
|
5.40 |
10-23-2028 |
|
196,848 |
197,500 |
| |
|
|
|
|
|
1,039,078 |
| Healthcare-services: 1.27% |
|
|
|
|
|
|
| Modivcare Buyer LLC (U.S. SOFR 3 Month+5.00%)± |
|
8.70 |
12-30-2032 |
|
649,385 |
574,705 |
| MPH Acquisition Holdings LLC (U.S. SOFR 3 Month+3.75%)± |
|
7.41 |
12-31-2030 |
|
643,872 |
642,585 |
| Radiology Partners, Inc. (U.S. SOFR 3 Month+4.50%)± |
|
8.20 |
6-30-2032 |
|
995,000 |
978,214 |
| Star Parent, Inc. (U.S. SOFR 3 Month+4.00%)± |
|
7.70 |
9-27-2030 |
|
1,298,500 |
1,298,591 |
| |
|
|
|
|
|
3,494,095 |
| Pharmaceuticals: 0.53% |
|
|
|
|
|
|
| Endo Luxembourg Finance Co. I Sarl (U.S. SOFR 1 Month+3.75%)± |
|
7.40 |
4-23-2031 |
|
1,477,500 |
1,460,140 |
| Energy: 1.09% |
|
|
|
|
|
|
| Pipelines: 1.09% |
|
|
|
|
|
|
| AL NGPL Holdings LLC (U.S. SOFR 3 Month+2.00%)± |
|
5.68 |
12-9-2030 |
|
1,159,054 |
1,157,246 |
| Crescent Midstream Intermediate Holdings LLC (U.S. SOFR 3 Month+3.75%)± |
|
7.42 |
2-18-2033 |
|
625,000 |
627,606 |
| NorthRiver Midstream Finance LP (U.S. SOFR 3 Month+2.25%)± |
|
5.94 |
8-16-2030 |
|
99,207 |
99,289 |
| Prairie Acquiror LP (U.S. SOFR 1 Month+3.25%)± |
|
6.90 |
8-1-2029 |
|
1,126,635 |
1,130,860 |
| |
|
|
|
|
|
3,015,001 |
| Financial: 3.47% |
|
|
|
|
|
|
| Diversified financial services: 1.21% |
|
|
|
|
|
|
| Azorra Soar TLB Finance Ltd. (U.S. SOFR 3 Month+2.50%)ౠ|
|
6.17 |
10-18-2029 |
|
1,984,913 |
1,992,356 |
| Jane Street Group LLC (U.S. SOFR 3 Month+2.00%)± |
|
5.67 |
12-15-2031 |
|
344,092 |
343,448 |
| Orion Advisor Solutions, Inc. (U.S. SOFR 3 Month+2.75%)± |
|
6.41 |
9-24-2030 |
|
997,500 |
995,635 |
| |
|
|
|
|
|
3,331,439 |
| Insurance: 1.85% |
|
|
|
|
|
|
| Alliant Holdings Intermediate LLC (U.S. SOFR 1 Month+2.50%)± |
|
6.15 |
9-19-2031 |
|
623,430 |
622,195 |
| Asurion LLC (U.S. SOFR 1 Month+4.25%)± |
|
7.90 |
9-19-2030 |
|
1,717,713 |
1,717,714 |
| Baldwin Insurance Group Holdings LLC (U.S. SOFR 1 Month+2.50%)± |
|
6.15 |
5-26-2031 |
|
746,869 |
739,400 |
| Broadstreet Partners Group LLC (U.S. SOFR 1 Month+2.50%)± |
|
6.15 |
6-13-2031 |
|
865,928 |
859,936 |
| HUB International Ltd. (U.S. SOFR 3 Month+2.25%)± |
|
5.92 |
6-20-2030 |
|
911,241 |
913,328 |
| Truist Insurance Holdings LLC (U.S. SOFR 3 Month+4.75%)± |
|
8.45 |
5-6-2032 |
|
276,316 |
272,862 |
| |
|
|
|
|
|
5,125,435 |
The accompanying notes are an integral part of these financial statements.
Allspring Multi-Sector Income Fund | 21
Portfolio of investments—April 30, 2026 (unaudited)
| |
|
Interest
rate |
Maturity
date |
Principal |
Value | |
| REITs: 0.41% |
|
|
|
|
|
|
| Blackstone Mortgage Trust, Inc. (U.S. SOFR 1 Month+2.50%)± |
|
6.15 % |
12-10-2030 |
$ |
238,317 |
$238,019 |
| Starwood Property Trust, Inc. (U.S. SOFR 1 Month+1.75%)± |
|
5.40 |
11-18-2027 |
|
904,909 |
903,072 |
| |
|
|
|
|
|
1,141,091 |
| Industrial: 2.41% |
|
|
|
|
|
|
| Aerospace/defense: 0.54% |
|
|
|
|
|
|
| Karman Holdings, Inc. (U.S. SOFR 3 Month+2.75%)± |
|
6.46 |
4-1-2032 |
|
498,750 |
500,411 |
| TransDigm, Inc. (U.S. SOFR 1 Month+2.25%)± |
|
5.90 |
3-22-2030 |
|
992,487 |
993,807 |
| |
|
|
|
|
|
1,494,218 |
| Building materials: 0.13% |
|
|
|
|
|
|
| Quikrete Holdings, Inc. (U.S. SOFR 1 Month+2.25%)± |
|
5.90 |
2-10-2032 |
|
351,450 |
351,583 |
| Environmental control: 0.21% |
|
|
|
|
|
|
| MIP V Waste Holdings LLC (U.S. SOFR 3 Month+2.75%)ౠ|
|
6.41 |
8-20-2032 |
|
577,110 |
579,274 |
| Machinery-diversified: 0.30% |
|
|
|
|
|
|
| TK Elevator U.S. Newco, Inc. (U.S. SOFR 6 Month+2.75%)± |
|
6.38 |
4-30-2030 |
|
834,249 |
840,973 |
| Packaging & containers: 1.23% |
|
|
|
|
|
|
| Clydesdale Acquisition Holdings, Inc. (U.S. SOFR 1 Month+3.18%)± |
|
6.83 |
4-13-2029 |
|
1,345,474 |
1,280,488 |
| Graham Packaging Co., Inc. (U.S. SOFR 1 Month+2.25%)± |
|
5.90 |
1-26-2033 |
|
1,000,000 |
998,000 |
| Mauser Packaging Solutions Holding Co. (U.S. SOFR 3 Month+3.50%)± |
|
7.16 |
4-15-2030 |
|
635,000 |
622,960 |
| Owens-Illinois, Inc. (U.S. SOFR 1 Month+3.00%)± |
|
6.65 |
9-30-2032 |
|
498,750 |
491,269 |
| |
|
|
|
|
|
3,392,717 |
| Technology: 2.14% |
|
|
|
|
|
|
| Computers: 0.21% |
|
|
|
|
|
|
| McAfee Corp. (U.S. SOFR 1 Month+3.00%)± |
|
6.65 |
3-1-2029 |
|
664,575 |
583,995 |
| Software: 1.93% |
|
|
|
|
|
|
| Applied Systems, Inc. (U.S. SOFR 3 Month+2.25%)± |
|
5.95 |
2-24-2031 |
|
623,430 |
614,646 |
| AthenaHealth Group, Inc. (U.S. SOFR 1 Month+2.75%)± |
|
6.40 |
2-15-2029 |
|
1,041,738 |
1,037,092 |
| Cloud Software Group, Inc. (U.S. SOFR 3 Month+3.25%)± |
|
6.95 |
3-21-2031 |
|
339,420 |
313,593 |
| Cloud Software Group, Inc. (U.S. SOFR 3 Month+3.25%)± |
|
6.95 |
8-13-2032 |
|
760,540 |
702,671 |
| Ellucian Holdings, Inc. (U.S. SOFR 1 Month+4.75%)± |
|
8.40 |
11-22-2032 |
|
750,000 |
726,878 |
| Genesys Cloud Services, Inc. (U.S. SOFR 1 Month+2.50%)± |
|
6.15 |
1-30-2032 |
|
767,178 |
740,902 |
| Rocket Software, Inc. (U.S. SOFR 1 Month+3.75%)± |
|
7.40 |
11-28-2028 |
|
1,246,031 |
1,186,745 |
| |
|
|
|
|
|
5,322,527 |
| Total loans (Cost $48,526,637) |
|
|
|
|
|
48,274,853 |
| Non-agency mortgage-backed securities: 7.68% |
|
|
|
|
|
|
| 1345 Trust Series 2025-AOA Class A (U.S. SOFR 1 Month+1.60%)144A± |
|
5.25 |
6-15-2042 |
|
1,200,000 |
1,200,000 |
The accompanying notes are an integral part of these financial statements.
22 | Allspring Multi-Sector Income Fund
Portfolio of investments—April 30, 2026 (unaudited)
| |
|
Interest
rate |
Maturity
date |
Principal |
Value | |
| Non-agency mortgage-backed
securities(continued) |
|
|
|
|
|
|
| Banc of America Funding Trust Series 2005-5 Class 1A1 |
|
5.50 % |
9-25-2035 |
$ |
32,753 |
$33,457 |
| Banc of America Funding Trust Series 2005-D Class
A1±± |
|
5.24 |
5-25-2035 |
|
60,053 |
57,696 |
| Banc of America Mortgage Trust Series 2003-C Class 1A1±± |
|
6.87 |
4-25-2033 |
|
168,850 |
101,540 |
| Bank Series 2017-BNK6 Class D144A |
|
3.10 |
7-15-2060 |
|
1,000,000 |
842,054 |
| BX Trust Series 2019-OC11 Class D144A±± |
|
4.08 |
12-9-2041 |
|
700,000 |
663,413 |
| BX Trust Series 2022-CLS Class C144A |
|
6.79 |
10-13-2027 |
|
750,000 |
734,832 |
| BX Trust Series 2024-BIO Class A (U.S. SOFR 1 Month+1.64%)144A± |
|
5.30 |
2-15-2041 |
|
1,000,000 |
998,750 |
| BX Trust Series 2024-BIO Class C (U.S. SOFR 1 Month+2.64%)144A± |
|
6.29 |
2-15-2041 |
|
449,000 |
446,194 |
| BX Trust Series 2025-VLT6 Class B (U.S. SOFR 1 Month+1.89%)144A± |
|
5.55 |
3-15-2042 |
|
1,000,000 |
992,500 |
| CHL Mortgage Pass-Through Trust Series 2003-48 Class 2A2±± |
|
6.26 |
10-25-2033 |
|
14,622 |
13,517 |
| Credit Suisse First Boston Mortgage Securities Corp. Series 2002-AR25 Class 1A1±± |
|
3.57 |
9-25-2032 |
|
116,018 |
104,866 |
| Credit Suisse First Boston Mortgage Securities Corp. Series 2003-AR15 Class 3A1±± |
|
6.56 |
6-25-2033 |
|
6,807 |
6,971 |
| Credit Suisse First Boston Mortgage Securities Corp. Series 2003-AR9 Class 2A2±± |
|
5.65 |
3-25-2033 |
|
4,852 |
4,829 |
| CSMC Trust Series 2014-USA Class A1144A |
|
3.30 |
9-15-2037 |
|
1,000,285 |
931,379 |
| CSMC Trust Series 2014-USA Class D144A |
|
4.37 |
9-15-2037 |
|
750,000 |
624,889 |
| Global Mortgage Securitization Ltd. Series 2004-A Class A2 (U.S. SOFR 1 Month+0.43%)144A± |
|
4.11 |
11-25-2032 |
|
3,971 |
3,954 |
| GS Mortgage Securities Corp. Trust Series 2020-DUNE Class D (U.S. SOFR 1 Month+2.16%)144A± |
|
5.82 |
12-15-2036 |
|
815,545 |
791,752 |
| GS Mortgage Securities Trust Series 2019-GSA1 Class C±± |
|
3.93 |
11-10-2052 |
|
1,000,000 |
884,406 |
| Hawaii Hotel Trust Series 2025-MAUI Class B (U.S. SOFR 1 Month+1.74%)144A± |
|
5.40 |
3-15-2042 |
|
469,000 |
469,293 |
| Hudson’s Bay Simon JV Trust Series 2015-HB10 Class A10144A |
|
4.15 |
8-5-2034 |
|
1,000,000 |
957,914 |
| JPMorgan Chase Commercial Mortgage Securities Trust Series 2019-OSB Class A144A |
|
3.40 |
6-5-2039 |
|
1,000,000 |
945,172 |
| JPMorgan Mortgage Trust Series 2004-A3 Class 3A3±±
|
|
5.33 |
7-25-2034 |
|
1,535 |
1,521 |
| JPMorgan Mortgage Trust Series 2005-A3 Class 11A2±±
|
|
5.88 |
6-25-2035 |
|
39,514 |
39,604 |
| MASTR Adjustable Rate Mortgages Trust Series 2003-6 Class 4A2±± |
|
4.35 |
1-25-2034 |
|
1,419 |
1,392 |
| MASTR Adjustable Rate Mortgages Trust Series 2004-13 Class 3A7±± |
|
5.60 |
11-21-2034 |
|
2,038 |
2,031 |
| MCR Mortgage Trust Series 2024-HF1 Class A (U.S. SOFR 1 Month+1.79%)144A± |
|
5.45 |
12-15-2041 |
|
902,403 |
903,531 |
| Merrill Lynch Mortgage Investors Trust Series 2003-G Class A2 (U.S. SOFR 6 Month+1.11%)± |
|
4.88 |
1-25-2029 |
|
5,103 |
4,986 |
| MFA Trust Series 2022-NQM1 Class M1144A±± |
|
4.30 |
12-25-2066 |
|
1,000,000 |
899,024 |
| Morgan Stanley Capital I Trust Series 2014-150E Class A144A |
|
3.91 |
9-9-2032 |
|
1,000,000 |
940,359 |
The accompanying notes are an integral part of these financial statements.
Allspring Multi-Sector Income Fund | 23
Portfolio of investments—April 30, 2026 (unaudited)
| |
|
Interest
rate |
Maturity
date |
Principal |
Value | |
| Non-agency mortgage-backed
securities(continued) |
|
|
|
|
|
|
| Morgan Stanley Capital I Trust Series 2021-230P Class A (U.S. SOFR 1 Month+1.28%)144A± |
|
4.94 % |
12-15-2038 |
$ |
1,000,000 |
$968,750 |
| Morgan Stanley Mortgage Loan Trust Series 2004-4 Class 2A±± |
|
6.28 |
9-25-2034 |
|
6,117 |
5,995 |
| One New York Plaza Trust Series 2020-1NYP Class A (U.S. SOFR 1 Month+1.06%)144A± |
|
4.72 |
1-15-2036 |
|
943,909 |
917,361 |
| SDAL Trust Series 2025-DAL Class A (U.S. SOFR 1 Month+2.44%)144A± |
|
6.10 |
4-15-2042 |
|
791,000 |
791,000 |
| SDAL Trust Series 2025-DAL Class B (U.S. SOFR 1 Month+2.94%)144A± |
|
6.60 |
4-15-2042 |
|
1,000,000 |
1,000,000 |
| Sequoia Mortgage Trust Series 2003-1 Class 1A (U.S. SOFR 1 Month+0.87%)± |
|
4.54 |
4-20-2033 |
|
1,526 |
1,429 |
| SFAVE Commercial Mortgage Securities Trust Series 2015- 5AVE Class D144A±± |
|
4.53 |
1-5-2043 |
|
1,000,000 |
714,870 |
| SPGN Trust Series 2026-TFLM Class C (U.S. SOFR 1 Month+1.80%)144A± |
|
5.45 |
2-15-2041 |
|
500,000 |
498,130 |
| SREIT Trust Series 2021-PALM Class B (U.S. SOFR 1 Month+0.92%)144A± |
|
4.58 |
10-15-2034 |
|
1,000,000 |
999,687 |
| Structured Adjustable Rate Mortgage Loan Trust Series 2004-2 Class 2A±± |
|
3.59 |
3-25-2034 |
|
7,817 |
6,950 |
| SWCH Commercial Mortgage Trust Series 2025-DATA Class C (U.S. SOFR 1 Month+2.09%)144A± |
|
5.75 |
2-15-2042 |
|
500,000 |
494,375 |
| Vendee Mortgage Trust Series 2003-2ƒ±± |
|
0.38 |
5-15-2033 |
|
628,182 |
5,431 |
| Verus Securitization Trust Series 2021-1 Class A2144A±± |
|
1.05 |
1-25-2066 |
|
203,860 |
186,540 |
| Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2004-RA4 Class 3A |
|
7.50 |
7-25-2034 |
|
37,308 |
38,890 |
| Total non-agency mortgage-backed securities (Cost $22,300,062) |
|
|
|
|
|
21,231,234 |
| Yankee corporate bonds and notes: 13.52% |
|
|
|
|
|
|
| Communications: 2.96% |
|
|
|
|
|
|
| Internet: 0.80% |
|
|
|
|
|
|
| Prosus NV144A |
|
4.19 |
1-19-2032 |
|
1,000,000 |
958,975 |
| Rakuten Group, Inc.144A |
|
9.75 |
4-15-2029 |
|
1,155,000 |
1,267,048 |
| |
|
|
|
|
|
2,226,023 |
| Media: 0.97% |
|
|
|
|
|
|
| Videotron Ltd.144A |
|
5.70 |
1-15-2035 |
|
550,000 |
553,394 |
| Virgin Media Finance PLC144A |
|
5.00 |
7-15-2030 |
|
430,000 |
362,458 |
| Virgin Media Secured Finance PLC144A |
|
4.50 |
8-15-2030 |
|
1,190,000 |
1,053,279 |
| VZ Secured Financing BV144A |
|
5.00 |
1-15-2032 |
|
800,000 |
701,018 |
| |
|
|
|
|
|
2,670,149 |
| Telecommunications: 1.19% |
|
|
|
|
|
|
| Rogers Communications, Inc. (5 Year Treasury Constant Maturity+2.62%)± |
|
7.13 |
4-15-2055 |
|
1,450,000 |
1,495,835 |
| Telecom Italia Capital SA |
|
7.20 |
7-18-2036 |
|
700,000 |
764,086 |
The accompanying notes are an integral part of these financial statements.
24 | Allspring Multi-Sector Income Fund
Portfolio of investments—April 30, 2026 (unaudited)
| |
|
Interest
rate |
Maturity
date |
Principal |
Value | |
| Telecommunications(continued) |
|
|
|
|
|
|
| TELUS Corp. (5 Year Treasury Constant Maturity+2.52%)± |
|
6.63 % |
6-9-2056 |
$ |
185,000 |
$183,982 |
| TELUS Corp. (5 Year Treasury Constant Maturity+2.77%)± |
|
6.63 |
10-15-2055 |
|
825,000 |
834,216 |
| |
|
|
|
|
|
3,278,119 |
| Consumer, cyclical: 1.95% |
|
|
|
|
|
|
| Airlines: 0.80% |
|
|
|
|
|
|
| Air Canada Pass-Through Trust Series 2020-1 Class C144A |
|
10.50 |
7-15-2026 |
|
625,000 |
632,005 |
| Latam Airlines Group SA144A |
|
7.63 |
1-7-2031 |
|
470,000 |
477,050 |
| Latam Airlines Group SA144A |
|
7.88 |
4-15-2030 |
|
615,000 |
627,300 |
| VistaJet Malta Finance PLC/Vista Management Holding, Inc.144A |
|
6.38 |
2-1-2030 |
|
510,000 |
477,597 |
| |
|
|
|
|
|
2,213,952 |
| Auto manufacturers: 0.25% |
|
|
|
|
|
|
| Nissan Motor Co. Ltd.144A |
|
8.13 |
7-17-2035 |
|
665,000 |
701,623 |
| Entertainment: 0.21% |
|
|
|
|
|
|
| Banijay Entertainment SASU144A |
|
8.13 |
5-1-2029 |
|
550,000 |
567,694 |
| Leisure time: 0.69% |
|
|
|
|
|
|
| Carnival Corp.144A |
|
5.75 |
8-1-2032 |
|
925,000 |
929,651 |
| Carnival Corp.144A |
|
6.13 |
2-15-2033 |
|
725,000 |
735,628 |
| Royal Caribbean Cruises Ltd.144A |
|
5.63 |
9-30-2031 |
|
230,000 |
233,164 |
| |
|
|
|
|
|
1,898,443 |
| Consumer, non-cyclical: 2.43% |
|
|
|
|
|
|
| Cosmetics/Personal Care: 0.75% |
|
|
|
|
|
|
| Opal Bidco SAS144A |
|
6.50 |
3-31-2032 |
|
870,000 |
885,731 |
| Perrigo Finance Unlimited Co. |
|
6.13 |
9-30-2032 |
|
1,255,000 |
1,180,915 |
| |
|
|
|
|
|
2,066,646 |
| Food: 0.39% |
|
|
|
|
|
|
| Froneri Lux Finco Sarl144A |
|
6.00 |
8-1-2032 |
|
1,080,000 |
1,068,153 |
| Healthcare-products: 0.29% |
|
|
|
|
|
|
| Bausch & Lomb Corp.144A |
|
8.38 |
10-1-2028 |
|
790,000 |
815,675 |
| Pharmaceuticals: 1.00% |
|
|
|
|
|
|
| 1261229 BC Ltd.144A |
|
10.00 |
4-15-2032 |
|
1,430,000 |
1,476,873 |
| Bausch Health Cos., Inc.144A |
|
6.25 |
2-15-2029 |
|
360,000 |
264,825 |
| Teva Pharmaceutical Finance Netherlands III BV |
|
8.13 |
9-15-2031 |
|
900,000 |
1,015,145 |
| |
|
|
|
|
|
2,756,843 |
| Energy: 0.62% |
|
|
|
|
|
|
| Oil & gas: 0.21% |
|
|
|
|
|
|
| Borr IHC Ltd./Borr Finance LLC144A |
|
10.00 |
11-15-2028 |
|
290,244 |
303,217 |
| Saturn Oil & Gas, Inc.144A |
|
9.63 |
6-15-2029 |
|
274,000 |
287,324 |
| |
|
|
|
|
|
590,541 |
The accompanying notes are an integral part of these financial statements.
Allspring Multi-Sector Income Fund | 25
Portfolio of investments—April 30, 2026 (unaudited)
| |
|
Interest
rate |
Maturity
date |
Principal |
Value | |
| Pipelines: 0.41% |
|
|
|
|
|
|
| Enbridge, Inc. (5 Year Treasury Constant Maturity+3.71%)± |
|
7.38 % |
1-15-2083 |
$ |
1,110,000 |
$1,137,131 |
| Financial: 3.28% |
|
|
|
|
|
|
| Banks: 1.72% |
|
|
|
|
|
|
| Banco del Estado de Chile (5 Year Treasury Constant Maturity+3.23%)144Aʊ± |
|
7.95 |
5-2-2029 |
|
530,000 |
562,065 |
| BNP Paribas SA (5 Year Treasury Constant Maturity+2.85%)144Aʊ± |
|
6.88 |
12-15-2033 |
|
665,000 |
660,494 |
| BNP Paribas SA (5 Year Treasury Constant Maturity+3.73%)144Aʊ± |
|
8.00 |
8-22-2031 |
|
760,000 |
813,273 |
| NatWest Group PLC (5 Year Treasury Constant Maturity+2.35%)± |
|
3.03 |
11-28-2035 |
|
1,000,000 |
914,299 |
| UBS Group AG (5 Year Treasury Constant Maturity+3.40%)144Aʊ± |
|
4.88 |
2-12-2027 |
|
495,000 |
494,839 |
| UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 5 Year+3.24%)144Aʊ± |
|
6.63 |
1-8-2031 |
|
1,000,000 |
1,006,960 |
| UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 5 Year+4.16%)144Aʊ± |
|
7.75 |
4-12-2031 |
|
290,000 |
309,359 |
| |
|
|
|
|
|
4,761,289 |
| Diversified financial services: 1.06% |
|
|
|
|
|
|
| GGAM Finance Ltd.144A |
|
5.88 |
3-15-2030 |
|
1,065,000 |
1,072,849 |
| Global Aircraft Leasing Co. Ltd.144A |
|
8.75 |
9-1-2027 |
|
960,000 |
973,738 |
| goeasy Ltd.144A |
|
7.63 |
7-1-2029 |
|
965,000 |
864,803 |
| |
|
|
|
|
|
2,911,390 |
| Insurance: 0.50% |
|
|
|
|
|
|
| Fairfax Financial Holdings Ltd. |
|
4.85 |
4-17-2028 |
|
750,000 |
754,214 |
| Sompo International Holdings Ltd. |
|
7.00 |
7-15-2034 |
|
575,000 |
636,337 |
| |
|
|
|
|
|
1,390,551 |
| Industrial: 1.09% |
|
|
|
|
|
|
| Electronics: 0.32% |
|
|
|
|
|
|
| Sensata Technologies BV144A |
|
5.88 |
9-1-2030 |
|
875,000 |
881,656 |
| Engineering & construction: 0.19% |
|
|
|
|
|
|
| CIMIC Finance USA Pty. Ltd.144A |
|
7.00 |
3-25-2034 |
|
500,000 |
532,221 |
| Packaging & containers: 0.58% |
|
|
|
|
|
|
| Ardagh Group SA (PIK at 6.50%)144A¥ |
|
12.00 |
12-1-2030 |
|
330,000 |
296,142 |
| Trivium Packaging Finance BV144A |
|
8.25 |
7-15-2030 |
|
543,000 |
566,180 |
| Trivium Packaging Finance BV144A |
|
12.25 |
1-15-2031 |
|
675,000 |
735,939 |
| |
|
|
|
|
|
1,598,261 |
| Technology: 0.67% |
|
|
|
|
|
|
| Computers: 0.48% |
|
|
|
|
|
|
| Seagate Data Storage Technology Pte. Ltd.144A |
|
8.50 |
7-15-2031 |
|
1,275,000 |
1,335,535 |
The accompanying notes are an integral part of these financial statements.
26 | Allspring Multi-Sector Income Fund
Portfolio of investments—April 30, 2026 (unaudited)
| |
|
Interest
rate |
Maturity
date |
Principal |
Value | |
| Semiconductors: 0.19% |
|
|
|
|
|
|
| Kioxia Holdings Corp.144A |
|
6.63 % |
7-24-2033 |
$ |
485,000 |
$507,000 |
| Utilities: 0.52% |
|
|
|
|
|
|
| Electric: 0.38% |
|
|
|
|
|
|
| Algonquin Power & Utilities Corp. (5 Year Treasury Constant Maturity+3.25%)± |
|
4.75 |
1-18-2082 |
|
1,075,000 |
1,061,377 |
| Water: 0.14% |
|
|
|
|
|
|
| Veolia Environnement SA |
|
6.75 |
6-1-2038 |
|
350,000 |
371,845 |
| Total yankee corporate bonds and notes (Cost $37,474,459) |
|
|
|
|
|
37,342,117 |
| Yankee government bonds: 0.27% |
|
|
|
|
|
|
| Trinidad and Tobago: 0.27% |
|
|
|
|
|
|
| Trinidad & Tobago144A |
|
4.50 |
8-4-2026 |
|
750,000 |
748,733 |
| Total yankee government bonds (Cost $749,782) |
|
|
|
|
|
748,733 |
| |
|
Yield |
|
Shares |
| |
| Short-term investments: 2.67% |
|
|
|
|
|
|
| Investment companies: 2.67% |
|
|
|
|
|
|
| Allspring Government Money Market Fund Select Class♠∞## |
|
3.60 |
|
|
7,367,768 |
7,367,768 |
| Total short-term investments (Cost $7,367,768) |
|
|
|
|
|
7,367,768 |
| Total investments in securities (Cost $393,516,358) |
142.59 % |
|
|
|
|
393,920,721 |
| Other assets and liabilities, net |
(42.59 ) |
|
|
|
|
(117,651,751 ) |
| Total net assets |
100.00 % |
|
|
|
|
$276,268,970 |
| ± |
Variable rate investment. The rate shown is the rate in effect at period end. |
| ƒ |
Investment in an interest-only security that 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. |
| ±± |
The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality
and the actual prepayment speed of the underlying mortgages. 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 security is purchased on a when-issued basis. |
| † |
Non-income-earning security |
| ˃ |
Restricted security as to resale, excluding Rule 144A securities. The Fund held a restricted security with current value of $1,146,896 (original cost of $325,099),
representing 0.42% of its net assets as of period end. |
| ¥ |
A payment-in-kind (PIK) security is a security in which the issuer may make interest or dividend payments in cash or additional securities or a combination of both.
The rate shown is the rate in effect at period end. |
| ♦ |
The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
| ʊ |
Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
| ‡ |
Security is valued using significant unobservable inputs. |
| ♠ |
The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
| ∞ |
The rate represents the 7-day annualized yield at period end. |
| ## |
All or a portion of this security is segregated as collateral for when-issued securities. |
The
accompanying notes are an integral part of these financial statements.
Allspring Multi-Sector Income Fund | 27
Portfolio of investments—April 30, 2026 (unaudited)
| Abbreviations: | |
| AG |
Assured Guaranty Incorporation |
| BDC |
Business Development Company |
| BRL |
Brazilian real |
| COP |
Colombian peso |
| FHLMC |
Federal Home Loan Mortgage Corporation |
| FNMA |
Federal National Mortgage Association |
| GBP |
Great British pound |
| GNMA |
Government National Mortgage Association |
| HUF |
Hungarian forint |
| IDR |
Indonesian rupiah |
| INR |
Indian rupee |
| MXN |
Mexican peso |
| NZD |
New Zealand dollar |
| REIT |
Real estate investment trust |
| RON |
Romanian lei |
| SOFR |
Secured Overnight Financing Rate |
| ZAR |
South African rand |
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 adviser or investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:
| |
Value, beginning of period |
Purchases |
Sales
proceeds |
Net
realized
gains
(losses) |
Net
change in
unrealized
gains
(losses) |
Value,
end of
period |
Shares,
end
of period |
Income
from
affiliated
securities |
| Short-term investments |
|
|
|
|
|
|
|
|
| Allspring Government Money Market Fund Select Class |
$9,517,873 |
$54,872,647 |
$(57,022,752 ) |
$0 |
$0 |
$7,367,768 |
7,367,768 |
$186,736 |
The
accompanying notes are an integral part of these financial statements.
28 | Allspring Multi-Sector Income Fund
Statement of assets and liabilities—April 30, 2026 (unaudited)
Financial statements
Statement of assets and liabilities
| Assets |
|
| Investments in unaffiliated securities, at value (cost $386,148,590) |
$386,552,953 |
| Investments in affiliated securities, at value (cost $7,367,768) |
7,367,768 |
| Cash |
1,751 |
| Foreign currency, at value (cost $142,463) |
141,108 |
| Receivable for interest |
6,355,034 |
| Receivable for investments sold |
257,525 |
| Principal paydown receivable |
1,196 |
| Prepaid expenses and other assets |
27,176 |
| Total assets |
400,704,511 |
| Liabilities |
|
| Secured borrowing payable |
119,000,000 |
| Payable for investments purchased |
2,815,996 |
| Dividends payable |
2,038,124 |
| Advisory fee payable |
179,046 |
| Administration fee payable |
16,277 |
| Contingent tax liability |
1,891 |
| Accrued expenses and other liabilities |
384,207 |
| Total liabilities |
124,435,541
|
| Total net assets |
$276,268,970 |
| Net assets consist of |
|
| Paid-in capital |
$361,011,122 |
| Total distributable loss |
(84,742,152
) |
| Total net assets |
$276,268,970 |
| Net asset value per share |
|
| Based on $276,268,970 divided by 28,053,801 shares issued and outstanding (100,000,000 shares
authorized) |
$9.85
|
The accompanying notes are an integral part of these financial statements.
Allspring Multi-Sector Income Fund | 29
Statement of operations—six months ended April 30, 2026 (unaudited)
Statement of operations
| Investment income |
|
| Interest (net of foreign withholding taxes of $51,972) |
$13,730,171 |
| Income from affiliated securities |
186,736 |
| Dividends |
967 |
| Total investment income |
13,917,874 |
| Expenses |
|
| Advisory fee |
1,075,585 |
| Administration fee |
97,780 |
| Custody and accounting fees |
28,617 |
| Professional fees |
65,321 |
| Registration fees |
1,740 |
| Shareholder report expenses |
37,514 |
| Trustees’ fees and expenses |
6,566 |
| Transfer agent fees |
14,576 |
| Interest expense |
2,672,889 |
| Other fees and expenses |
13,947 |
| Total expenses |
4,014,535 |
| Net investment income |
9,903,339 |
| Realized and unrealized gains (losses) on investments |
|
| Net realized gains (losses) on |
|
| Unaffiliated securities |
(660,368
) |
| Foreign currency and foreign currency translations |
171,163 |
| Net realized losses on investments
|
(489,205
) |
| Net change in unrealized gains (losses) on |
|
| Unaffiliated securities (net of deferred foreign capital gains tax of $69,589) |
(2,836,214
) |
| Foreign currency and foreign currency translations |
(59,792
) |
| Net change in unrealized gains (losses) on investments |
(2,896,006
) |
| Net realized and unrealized gains (losses) on investments |
(3,385,211
) |
| Net increase in net assets resulting from operations |
$6,518,128 |
The
accompanying notes are an integral part of these financial statements.
30 | Allspring Multi-Sector Income Fund
Statement of changes in net assets
Statement of
changes in net assets
| |
Six months ended April 30, 2026 (unaudited) |
Year ended October 31, 2025 | ||
| Operations |
|
|
|
|
| Net investment income |
|
$9,903,339 |
|
$19,955,393 |
| Net realized losses on investments |
|
(489,205 ) |
|
(2,725,736 ) |
| Net change in unrealized gains (losses) on investments |
|
(2,896,006 ) |
|
9,851,479 |
| Net increase in net assets resulting from operations |
|
6,518,128 |
|
27,081,136 |
| Distributions to shareholders from |
|
|
|
|
| Net investment income and net realized gains |
|
(12,184,046 ) |
|
(20,361,218 ) |
| Tax basis return of capital |
|
0 |
|
(3,868,008 ) |
| Total distributions to shareholders |
|
(12,184,046
) |
|
(24,229,226
) |
| Total increase (decrease) in net assets |
|
(5,665,918
) |
|
2,851,910 |
| Net assets |
|
|
|
|
| Beginning of period |
|
281,934,888 |
|
279,082,978 |
| End of period |
|
$276,268,970 |
|
$281,934,888 |
The
accompanying notes are an integral part of these financial statements.
Allspring Multi-Sector Income Fund | 31
Statement of cash flows—six months ended April 30, 2026 (unaudited)
Statement of cash flows
| Cash flows from operating activities |
|
| Net increase in net assets resulting from operations |
$6,518,128 |
| Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities |
|
| Purchases of long-term securities |
(82,990,499
) |
| Proceeds from the sales of long-term securities |
84,033,843 |
| Amortization, net |
(476,444
) |
| Purchases and sales of short-term securities, net |
2,143,898 |
| Decrease in receivable for investments sold |
872,598 |
| Decrease in principal paydown receivable |
46,097 |
| Decrease in receivable for interest |
425,786 |
| Increase in prepaid expenses and other assets |
(14,108
) |
| Decrease in payable for investments purchased |
(1,610,313
) |
| Decrease in trustees’ fees and expenses payable |
(298 ) |
| Decrease in advisory fee payable |
(20,611
) |
| Decrease in administration fee payable |
(1,874 ) |
| Decrease in accrued expenses and other liabilities |
(482,998
) |
| Proceeds from foreign currency transactions |
111,371 |
| Net realized losses on unaffiliated securities |
660,368 |
| Net realized gains on foreign currency and foreign currency translations |
(171,163
) |
| Net change in unrealized (gains) losses on unaffiliated securities |
2,836,214 |
| Net change in unrealized (gains) losses on foreign currency and foreign currency translations |
59,792 |
| Net cash provided by operating activities |
11,939,787 |
| Cash flows from financing activities |
|
| Cash distributions paid |
(12,172,255
) |
| Net cash used in financing activities |
(12,172,255
) |
| Net decrease in cash |
(232,468 ) |
| Cash (including foreign currency) |
|
| Beginning of period |
375,327 |
| End of period*
|
$142,859 |
| Supplemental cash disclosure |
|
| Cash paid for interest |
$3,180,242
|
| * |
The ending balance is composed of Foreign currency, at value of $141,108 and Cash of $1,751 on the Statement of assets and liabilities. |
The accompanying notes are an integral part of these financial statements.
32 | Allspring Multi-Sector Income Fund
Financial highlights
Financial
highlights
(For a share outstanding throughout each period)
| |
Period ended
April 30, 2026
(unaudited) |
Year ended October 31 | ||||
| |
2025 |
2024 |
2023 |
2022 |
2021 | |
| Net asset value, beginning of period |
$10.05 |
$9.95 |
$9.38 |
$9.47 |
$12.57 |
$12.14 |
| Net investment income |
0.35
1 |
0.71
1 |
0.73
1 |
0.67
1 |
0.73
1 |
0.79
1 |
| Net realized and unrealized gains (losses) on investments |
(0.12 ) |
0.25 |
0.63 |
0.05 |
(2.73 ) |
0.75 |
| Total from investment operations |
0.23 |
0.96 |
1.36 |
0.72 |
(2.00 ) |
1.54 |
| Distributions to shareholders from |
|
|
|
|
|
|
| Net investment income |
(0.43 ) |
(0.72 ) |
(0.75 ) |
(0.49 ) |
(0.71 ) |
(0.81 ) |
| Tax basis return of capital |
0.00 |
(0.14 ) |
(0.04 ) |
(0.32 ) |
(0.39 ) |
(0.31 ) |
| Total distributions to shareholders |
(0.43 ) |
(0.86 ) |
(0.79 ) |
(0.81 ) |
(1.10 ) |
(1.12 ) |
| Anti-dilutive effect of shares repurchased |
0.00 |
0.00 |
0.00
2 |
0.00 |
0.00
2 |
0.01 |
| Net asset value, end of period |
$9.85 |
$10.05 |
$9.95 |
$9.38 |
$9.47 |
$12.57 |
| Market value, end of period |
$9.17 |
$9.44 |
$9.13 |
$8.70 |
$8.97 |
$13.34 |
| Total return based on market value3 |
1.78 % |
13.36
% |
14.20
% |
5.74
% |
(25.38
)% |
34.28
% |
| Ratios to average net assets (annualized) |
|
|
|
|
|
|
| Expenses* |
2.93 % |
3.22 % |
3.58 % |
3.40 % |
1.64 % |
1.19 % |
| Net investment income* |
7.22 % |
7.14 % |
7.31 % |
6.88 % |
6.71 % |
6.14 % |
| Supplemental data |
|
|
|
|
|
|
| Portfolio turnover rate |
18 % |
33 % |
46 % |
42 % |
40 % |
47 % |
| Net assets, end of period (000s omitted) |
$276,269 |
$281,935 |
$279,083 |
$263,297 |
$265,673 |
$352,941 |
| Borrowings outstanding, end of period (000s omitted) |
$119,000 |
$119,000 |
$119,000 |
$119,000 |
$119,000 |
$139,000 |
| Asset coverage per $1,000 of borrowing, end of period |
$3,322
|
$3,369 |
$3,345 |
$3,213 |
$3,233 |
$3,539 |
| * |
Ratios include interest expense relating to interest associated with borrowings and/or leverage transactions as follows: |
| Six months ended April 30, 2026 (unaudited) |
1.95% |
| Year ended October 31, 2025 |
2.22% |
| Year ended October 31, 2024 |
2.61% |
| Year ended October 31, 2023 |
2.44% |
| Year ended October 31, 2022 |
0.74% |
| Year ended October 31, 2021 |
0.32% |
| 1 |
Calculated based upon average shares outstanding |
| 2 |
Amount is less than $0.005. |
| 3 |
Total return is calculated assuming a purchase of common stock on the first day and a 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. |
The accompanying notes are an integral part of these financial statements.
Allspring Multi-Sector Income Fund | 33
Notes to financial statements (unaudited)
Notes to financial
statements
1.ORGANIZATION
Allspring 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 (“GAAP”)
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 income 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 and exchange-traded funds 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.
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 Valuation Committee at Allspring Funds Management, LLC (“Allspring Funds Management”).
Investments in registered open-end investment companies (other than
those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above
are valued at their fair value, as determined in good faith by Allspring Funds Management, which was named the valuation designee by the Board of Trustees. As
the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these
responsibilities, Allspring Funds Management has established a Valuation Committee 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. On
a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of
Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds
Management’s process for determining the fair value of the portfolio of
investments.
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 Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the
respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized
between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes
recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the
fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from
changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented.
Such changes are included in net realized and unrealized gains or losses from investments.
When-issued transactions
The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are
marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the
counterparty does not perform under the contract.
Loans
The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate
or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be
in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Fund purchases participations, it generally has
no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund assumes the credit risk of both the borrower and
the lender that is selling the
34 | Allspring Multi-Sector Income Fund
Notes to financial statements (unaudited)
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. Unfunded loan commitments represent the remaining obligation of the Fund to the borrower. At
any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market and any
unrealized gains or losses are recorded in the Statement of assets and liabilities.
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. Interest income is recorded net of foreign taxes withheld where recovery of such taxes is not assured. Paydown gains and losses
are included in interest income.
Dividend income is recognized on
the ex-dividend date.
Interest earned on cash balances held at the
custodian is recorded as interest income.
Distributions to
shareholders
Under a managed distribution plan, the Fund pays monthly distributions to
shareholders at an annual minimum fixed rate of 8.75% 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 long-term capital gains and/or return of capital, if any, in order to maintain its managed distribution
level.
Distributions to shareholders from net investment
income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in accordance with income tax regulations and
may differ from U.S. GAAP. 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, as applicable, 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, 2026, the aggregate cost of all investments for
federal income tax purposes was $395,157,912 and the unrealized gains (losses) consisted of:
| Gross unrealized gains |
$10,047,053 |
| Gross unrealized losses |
(11,284,244 ) |
| Net unrealized losses |
$(1,237,191
) |
As of October 31, 2025, the Fund had capital loss carryforwards which consisted of $18,923,283 in short-term capital losses and
$59,758,185 in long-term capital losses.
Allspring Multi-Sector Income Fund | 35
Notes to financial statements (unaudited)
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, 2026:
| |
Quoted prices
(Level 1) |
Other significant
observable inputs
(Level 2) |
Significant
unobservable inputs
(Level 3) |
Total |
| Assets |
|
|
|
|
| Investments in: |
|
|
|
|
| Agency securities |
$0
|
$158,497 |
$0 |
$158,497
|
| Asset-backed securities |
0 |
13,331,969 |
0 |
13,331,969 |
| Common stocks |
|
|
|
|
| Energy |
0 |
1,146,896 |
0 |
1,146,896 |
| Health care |
0 |
490,612 |
0 |
490,612 |
| Corporate bonds and notes |
0 |
177,694,053 |
0 |
177,694,053 |
| Foreign corporate bonds and notes |
0 |
33,042,582 |
0 |
33,042,582 |
| Foreign government bonds |
0 |
53,091,407 |
0 |
53,091,407 |
| Loans |
0 |
43,624,798 |
4,650,055 |
48,274,853 |
| Non-agency mortgage-backed securities |
0 |
21,231,234 |
0 |
21,231,234 |
| Yankee corporate bonds and notes |
0 |
37,342,117 |
0 |
37,342,117 |
| Yankee government bonds |
0 |
748,733 |
0 |
748,733 |
| Short-term investments |
|
|
|
|
| Investment companies |
7,367,768 |
0 |
0 |
7,367,768 |
| Total assets |
$7,367,768 |
$381,902,898 |
$4,650,055 |
$393,920,721 |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.
The following is a reconciliation of assets in which significant unobservable inputs
(Level 3) were used in determining fair value:
| |
Balance,
beginning
of
period |
Net
Purchases |
Net
Sales/
Settlements |
Accrued
Discounts
(Premiums) |
Realized
Gains
(Losses) |
Net
Change in
Unrealized
gains
(losses) |
Transfers
into
Level 3 |
Transfers
out
of Level 3 |
Balance,
end of
period |
| Investments in: | |||||||||
| Common stocks |
$68,083 |
$0 |
$(54,786 ) |
$0 |
$(345,984 ) |
$332,687 |
$0 |
$0 |
$0 |
| Loans |
2,404,814 |
4,611,593 |
(432,464 ) |
13,553 |
(729,894 ) |
424,926 |
0 |
(1,642,473 ) |
4,650,055 |
| |
$2,472,897 |
$4,611,593 |
$(487,250 ) |
$13,553 |
$(1,075,878 ) |
$757,613 |
$0 |
$(1,642,473 ) |
$4,650,055 |
36 | Allspring Multi-Sector Income Fund
Notes to financial statements (unaudited)
| |
Net Change in
Unrealized
Gains (Losses) on
Investments
Held at
April 30, 2026 |
| Investments in: |
|
| Common stocks |
$0
|
| Loans |
(11,106 ) |
| |
$(11,106
) |
The investment types categorized above 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.
| Level 3 Security Types |
Fair value at
April 30, 2026 |
Valuation
technique |
Significant
unobservable input |
Weighted
average |
Range |
Impact to valuation from an increase to input* |
| Loans |
$4,650,055 |
Market
Approach |
Broker
quotes |
N/A |
N/A |
Increase/Decrease |
* Unless otherwise noted, this column represents the directional change in the fair
value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite
effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.
4.TRANSACTIONS WITH AFFILIATES
Advisory fee
Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings,
LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., 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, which is generally paid monthly. Total assets consist of the net
assets of the Fund plus borrowings or other leverage for investment purposes to the extent excluded in calculating net assets.
Allspring Funds Management has retained the services of certain
subadvisers to provide daily portfolio management to the Fund. The fees for subadvisory services is borne by Allspring Funds Management. Allspring Global
Investments, LLC and Allspring Global Investments (UK) Limited, each an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments
Holdings, LLC, serves as subadvisers to the Fund.
Administration fee
Allspring 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. Allspring 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 and generally paid monthly.
Interfund transactions
The Fund may purchase or sell portfolio investment securities to certain 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. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended April 30, 2026.
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, 2026 and year ended October 31, 2025, the Fund did not issue any shares.
Under an open-market share repurchase program (the “Buyback
Program”), the Fund is authorized to repurchase up to 5% of its outstanding shares in open market transactions. The Fund’s Board of Trustees has
delegated to Allspring 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, 2026, the Fund did not
repurchase any of its shares under the open-market share repurchase program. During the year ended October 31, 2025, the Fund did not repurchase any of its shares under the
open-market share repurchase program.
6.BORROWINGS
The Fund has borrowed $119,000,000 through a revolving line of
credit administered by a major financial institution (the “Facility”). The Facility has a commitment amount of up to $119,000,000. The Fund is
charged interest at the 1 Month Secured Overnight Financing Rate (SOFR) plus a spread and a
Allspring Multi-Sector Income Fund | 37
Notes to financial statements (unaudited)
commitment
fee based on the unutilized amount of the commitment 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, 2026 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, 2026, the Fund had average borrowings outstanding of $119,000,000 (on an annualized basis) at an average interest rate of 4.53% and recorded interest in the amount of $2,672,889, which represents 1.95% of its average daily net assets (on an annualized basis). The maximum balance outstanding during the six months ended April 30, 2026 was $119,000,000.
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 were $79,006,036 and $68,969,926, respectively.
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. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently
existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee.
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.OPERATING SEGMENTS
The Fund operates as a single operating segment. An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund’s CODM. The CODM monitors the operating results of the Fund as a whole and the Fund’s long-term strategic asset allocation from which it derives its revenues is determined as outlined in
the Fund’s prospectus which is executed by the Fund’s portfolio
management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM
to assess the segment’s performance and to make resource allocation decisions for the Fund’s single segment. This information is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as “total assets” and significant segment revenue and expenses are listed on the accompanying Statement of operations.
10.SUBSEQUENT DISTRIBUTIONS
Under the managed distribution plan, the Fund declared the following distributions to common shareholders:
| Declaration date |
Record date |
Payable date |
Per share amount |
| April 24,2026 |
May 11,2026 |
June 1,2026 |
$0.07262 |
| May 19,2026 |
June 11,2026 |
July 1,2026 |
0.07277 |
These distributions are not reflected in the accompanying financial
statements.
38 | Allspring Multi-Sector Income Fund
Other information (unaudited)
Other information
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 1-866-259-3305, visiting our website at allspringglobal.com, or visiting the SEC website at sec.gov. Information regarding how the
proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at allspringglobal.com or by visiting the SEC website at sec.gov.
Annual meeting of shareholders
On February 2, 2026, an Annual Meeting of Shareholders for the Fund was held to consider the following proposal. The results of the proposal are indicated below.
Proposal 1 – Election of trustees:
| Isaiah Harris, Jr. |
|
|
| Shares voted “For” |
|
21,317,018 |
| Shares voted “Withhold” |
|
718,550 |
| Shares voted “Abstain” |
|
768,140 |
| Cindy Miller |
|
|
| Shares voted “For” |
|
21,544,692 |
| Shares voted “Withhold” |
|
580,780 |
| Shares voted “Abstain” |
|
678,236 |
| Olivia S. Mitchell |
|
|
| Shares voted “For” |
|
21,242,072 |
| Shares voted “Withhold” |
|
934,697 |
| Shares voted “Abstain” |
|
626,939 |
Quarterly portfolio holdings information
The Fund files its complete schedule of portfolio holdings with the
SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website
at sec.gov.
Delaware statutory trust act – control
share acquisitions
Because the Fund is
organized as a Delaware statutory trust, it is subject to the control share acquisition statute (the “Control Share Statute”) contained in
Subchapter III of the Delaware Statutory Trust Act (the “DSTA”), which became automatically applicable to listed closed-end funds, such as the Fund, upon its
effective date of August 1, 2022 (the “Effective Date”).
The Control Share Statute provides for a series of voting power thresholds above which shares are considered control shares. The first such threshold is 10% or more, but less than 15%, of all voting power. Voting power is defined by the Control Share Statute as the power to directly or indirectly exercise or direct the exercise of the voting power of Fund shares in the election of trustees. Whether a voting power threshold is met is determined by aggregating the holdings of the acquirer as well as those of its “associates,” as defined by the Control Share Statute.
Once a threshold is reached, an acquirer has no voting rights under
the DSTA or the governing documents of the Fund with respect to shares acquired in excess of that threshold (i.e., the “control shares”) unless
approved by shareholders or exempted by the Fund’s Board of Trustees. Approval by shareholders requires the affirmative vote of two-thirds of all votes
entitled to be cast on the matter, excluding shares held by the acquirer and its associates as well as shares held by certain insiders of the Fund. The Control
Share Statute provides procedures for an acquirer to request a shareholder meeting for the purpose of considering whether voting rights shall be accorded to
control shares. Further approval by the Fund’s shareholders would be required with respect to additional acquisitions of control shares above the next
applicable threshold level. In addition, the Fund’s Board of Trustees is permitted, but not obligated to, exempt specific acquisitions or classes of acquisitions of
control shares, either in advance or retroactively.
The Control Share Statute does not retroactively apply to acquisitions of shares that occurred prior to the Effective Date. However, such shares will be aggregated with any shares acquired after the Effective Date for purposes of determining whether a voting power threshold is exceeded, resulting in the newly acquired shares constituting control shares.
Allspring Multi-Sector Income Fund | 39
Other information (unaudited)
The Control Share
Statute requires shareholders to disclose to the Fund any control share acquisition within 10 days of such acquisition and, upon request, to provide any
information that the Fund’s Board of Trustees reasonably believes is necessary or desirable to determine whether a control share acquisition has occurred.
The foregoing is only a summary of certain aspects of the Control
Share Statute. Shareholders should consult their own legal counsel to determine the application of the Control Share Statute with respect to their shares of the Fund and any
subsequent acquisitions of shares.
40 | Allspring 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 Officers listed below acts in identical capacities
for each fund in the Allspring family of funds, which consists of 91 mutual funds comprising the Allspring Funds Trust, Allspring Variable Trust, Allspring
Master Trust, Allspring Exchange-Traded Funds Trust and four closed-end funds, including the Fund (collectively the “Fund Complex”). The mailing
address of each Trustee and Officer is 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203. 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 - Independent Trustees to serve until 2029 Annual Meeting of
Shareholders | |||
| Isaiah
Harris, Jr.
(Born 1952) |
Trustee of ETF Trust,
since 2024
Trustee of all other
Trusts,
since 2009 |
Retired. Member of the Advisory Board of CEF of East Central Florida.
Chairman of the Board of CIGNA Corporation from 2009 to
2021, and Director from 2005 to 2008. 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,
Fellowship of Christian Athletes. Mr. Harris is a certified public
accountant (inactive status). |
N/A |
| Cindy J.
Miller
(Born 1960) |
Trustee of all Trusts,
since 2026 |
Retired. Director, President and CEO (from 2019 to 2024) and President
and COO (from 2018 to 2019) of Stericycle, Inc. President
of Global Freight Forwarding (from 2016 to 2018) and
President of the firm’s European region (from 2013 to 2016) for
United Parcel Service (UPS). Director, UGI Corporation (from
2021 to 2024). |
Board Member, W.
W. Grainger, Inc.
Board Member
FedEx Freight
Holding Company,
Inc. |
| Olivia S.
Mitchell
(Born 1953) |
Trustee of ETF Trust,
since 2024
Trustee of all other
Trusts,
since 2006 |
International Foundation of Employee Benefit Plans Professor since 1993,
Wharton School of the University of Pennsylvania. 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 taught at Cornell University from 1978 to 1993.
|
N/A |
* Length of service dates reflect the Trustee’s commencement of service with the
Trust’s predecessor entities, where applicable.
Allspring Multi-Sector Income Fund | 41
Other information (unaudited)
| 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 II - Independent Trustees to serve until 2027 Annual Meeting of
Shareholders | |||
| William R.
Ebsworth
(Born 1957) |
Trustee of ETF Trust,
since 2024
Trustee of all other
Trusts,
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. Serves on the
Investment Company Institute’s Board of Governors since
2022 and Executive Committee since 2023; and Chair of the
Governing Council of the Independent Directors Council
since 2024 and Vice Chair from 2023 to 2024. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit
organization). Mr. Ebsworth is a CFA charterholder. |
N/A |
| Jane A.
Freeman
(Born 1953) |
Trustee of ETF Trust,
since 2024; Audit
Committee Chair of
ETF Trust,
since 2025
Trustee of all other
Trusts,
since 2015; Audit
Committee Chair,
since 2025 |
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 also an
inactive Chartered Financial Analyst. |
N/A |
| Brian S.
Shlissel
(Born 1964) |
Trustee of all Trusts,
since 2026 |
Retired. Previously, President and Principal Executive Officer (from 2016
to 2025) of the J.P. Morgan Funds (a registered investment
company complex), and Managing Director and Chief
Administrative Officer of Pooled Vehicles (from 2014 to 2025) at J.P.
Morgan Asset Management. Prior thereto, President and Chief
Executive Officer (from 2001 to 2014) and Treasurer and Chief
Financial Officer (from 1999 to 2001) for the Allianz Global Investors
Fund Complex (a registered investment company complex) and
the PIMCO Closed-End Funds (a group of registered
investment companies), and Managing Director and Head of Mutual Fund
Services (from 1999 to 2014) at Allianz Global Investors.
Director (from 2017 to 2023) and Chair of the Governance
Committee of the Expect Miracles Foundation, a not-for-profit foundation
focused on cancer research. Director (from 2023 to 2025) of
NICSA, a not-for-profit asset and wealth management trade
association. |
N/A |
* Length of service dates reflect the Trustee’s commencement of service with the
Trust’s predecessor entities, where applicable.
42 | Allspring Multi-Sector Income Fund
Other information (unaudited)
| 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 III - Independent Trustees to serve until 2028 Annual Meeting of
Shareholders | |||
| Timothy J.
Penny
(Born 1951) |
Trustee and Chair of
ETF Trust,
since 2024
Trustee of all other
Trusts,
since 1996;
Chair,
since 2018 |
Chair of the Economic Club of Minnesota, since 2026. Vice Chair of the
Economic Club of Minnesota, from 2007-2025. President and
Chief Executive Officer of Southern Minnesota Initiative
Foundation, a non-profit organization, from 2007-2025. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar
Education Finance, Inc., a non-profit organization, from 2007-2022.
Senior Fellow of the University of Minnesota Humphrey Institute
from 1995 to 2017. |
N/A |
| James G.
Polisson
(Born 1959) |
Trustee and
Nominating and
Governance
Committee Chair of
ETF Trust, since 2024
Trustee of all other
Trusts,
since 2018;
Nominating and
Governance
Committee Chair,
since 2024 |
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 and Chair Liaison of ETF Trust, since 2024 Trustee of all other Trusts, since January 2020; previously Trustee from January 2018 to July 2019; Chair Liaison, since July 2024 |
Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit
sectors. Interim President and CEO, McKnight Foundation, 2020. Interim
Commissioner, Minnesota Department of Human Services, 2019.
Chief Operating Officer, Twin Cities Habitat for Humanity,
2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive
Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008.
Commissioner, Minnesota Department of Finance, 1999-2002.
Chair of the Board of Directors of Destination Medical
Center Corporation. Member of the Boards of Trustees for the College of Saint Benedict & Saint John’s University since 2025. Board member of the Minnesota Wild Foundation from
2009-2024. |
N/A |
* Length of
service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable.
Allspring Multi-Sector Income Fund | 43
Other information (unaudited)
Officers1
| Name and
year of birth |
Position held and
length of
service |
Principal occupations during past five years or
longer |
| John Kenney
(Born 1965) |
President of all
Trusts, since 2025 |
President of Allspring Funds Management, LLC since 2025. Prior
thereto, Head of Strategic Initiatives of Allspring Global
Investments from 2022 to 2025. Independent Board Member for the Principal Funds from 2020 to 2022, Executive Vice President and Global Head of Affiliate Strategic Initiatives from 2015 to 2020 for Legg Mason Global
Asset Management and Managing Director, Corporate Strategy and Business
Development from 2014 to 2015 for Legg Mason Global Asset
Management. |
| Jeremy DePalma
(Born 1974) |
Treasurer of ETF
Trust, since 2024
Treasurer of all
other Trusts,
since 2012
(for certain funds in
the Fund Complex);
since 2021 (for
the remaining funds
in the Complex) |
Senior Vice President of Allspring 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. |
| Christopher Baker
(Born 1976) |
Chief Compliance
Officer of ETF Trust,
since 2024
Chief Compliance
Officer of all other
Trusts,
since 2022 |
Global Chief Compliance Officer for Allspring Global Investments since
2022. Prior thereto, Chief Compliance Officer for State
Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015
Vice President, Global Head of Investment and Marketing Compliance for State
Street Global Advisors. |
| Matthew Prasse (Born 1983) |
Chief Legal Officer of ETF Trust, since 2024 Chief Legal Officer of all other Trusts, since 2022; Secretary, since 2021 |
Managing Counsel of the Allspring Legal Department since 2023. Previously, Senior Counsel of the Allspring Legal
Department from 2021 to 2023; Senior Counsel of the Wells Fargo Legal
Department from 2018 to 2021; Counsel for Barings LLC from 2015 to
2018; Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
1 For those Officers with tenures at Allspring Global Investments and/or Allspring Funds Management, LLC that began prior to 2021, such tenures include years of service during which these businesses/entities were known as Wells Fargo Asset Management and Wells Fargo Funds Management, LLC, respectively.
44 | Allspring Multi-Sector Income Fund
Automatic dividend reinvestment plan
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, 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 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 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 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 P.O. Box 505000, Louisville, Kentucky 40233 or by calling
1-800-730-6001.
Allspring Multi-Sector Income Fund | 45
Transfer Agent, Registrar, Shareholder
Servicing
Agent & Dividend Disbursing Agent
Agent & Dividend Disbursing Agent
Computershare Trust Company, N.A.
P.O. Box 505000
Louisville, Kentucky 40233
1-800-730-6001
P.O. Box 505000
Louisville, Kentucky 40233
1-800-730-6001
Website: allspringglobal.com
Allspring Global InvestmentsTM is the trade name for the asset management firms of Allspring Global
Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but
are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds
Distributor, LLC (a broker-dealer and Member FINRA/SIPC).
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.
© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.
ALL-05012026-twax2tnu 06-26
SAR143 04-26
SAR143 04-26
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 Allspring Multi-Sector Income Fund is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT
The registrant’s statement regarding basis for approval of investment advisory contract is included as part of the Report to Shareholders filed under Item 1 of this Form.
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
| (a) | (b) | (c) | (d) | |||||||||||||
| Period |
Total Number of Shares Purchased |
Average Price Paid per Share |
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs |
||||||||||||
| 11/1/2025 to 11/30/2025 |
0 | $ | 0.00 | 0 | 1,402,690 | |||||||||||
| 12/1/2025 to 12/31/2025 |
0 | 0.00 | 0 | 1,402,690 | ||||||||||||
| 1/1/2026 to 1/31/2026 |
0 | 0.00 | 0 | 1,402,690 | ||||||||||||
| 2/1/2026 to 2/28/2026 |
0 | 0.00 | 0 | 1,402,690 | ||||||||||||
| 3/1/2026 to 3/31/2026 |
0 | 0.00 | 0 | 1,402,690 | ||||||||||||
| 4/1/2026 to 4/30/2026 |
0 | 0.00 | 0 | 1,402,690 | ||||||||||||
| Total |
0 | $ | 0.00 | 0 | 1,402,690 | |||||||||||
On November 13, 2025, the Fund announced a renewal of its open-market share repurchase program (the “Buyback Program”). Under the renewed Buyback Program, the Fund may repurchase up to 5% of its outstanding shares in open market transactions during the period beginning on January 1, 2026 and ending on December 31, 2026. The Fund’s Board of Trustees has delegated to Allspring 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.
ITEM 15. 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 16. CONTROLS AND PROCEDURES
(a) The President and Treasurer have concluded that the Allspring 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 control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during 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 17. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION
Not applicable.
ITEM 19. EXHIBITS
(a)(1) Not applicable.
(a)(2) Not applicable.
(a)(3) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2022.
(a)(4) Not applicable.
(a)(5) Not applicable.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2022.
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.
| Allspring Multi-Sector Income Fund | ||
| By: | /s/ John Kenney | |
| John Kenney | ||
| President (Principal Executive Officer) | ||
| Date: June 24, 2026 | ||
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.
| Allspring Multi-Sector Income Fund | ||
| By: | /s/ John Kenney | |
| John Kenney | ||
| President(Principal Executive Officer) | ||
| Date: June 24, 2026 | ||
| By: | /s/ Jeremy DePalma | |
| Jeremy DePalma | ||
| Treasurer (Principal Financial Officer) | ||
| Date: June 24, 2026 | ||
ATTACHMENTS / EXHIBITS
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- /C O R R E C T I O N -- SAMYANG AMERICA/
- KBRA Assigns Preliminary Ratings to SLR Equipment Finance 2026-1, LLC
- NinjaTrader Group Names Former CME Group Executive Mark Omens as its New SVP of Commercial Strategy
Create E-mail Alert Related Categories
SEC FilingsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
