# EDGAR Filing Document

**Accession Number:** 0001227073
**File Stem:** 0001193125-25-154963
**Filing Date:** 2025-7
**Character Count:** 185275
**Document Hash:** ef1c6f20e348fb9fae1ae9fb4e4e4996
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-154963.hdr.sgml**: 20250702

**ACCESSION NUMBER**: 0001193125-25-154963

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250702

**DATE AS OF CHANGE**: 20250702

**EFFECTIVENESS DATE**: 20250702

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALLSPRING MULTI-SECTOR INCOME FUND
- **CENTRAL INDEX KEY:** 0001227073

**ORGANIZATION NAME:**
- **EIN:** 562355707
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21331
- **FILM NUMBER:** 251101345

**BUSINESS ADDRESS:**
- **STREET 1:** 1415 VANTAGE PARK DRIVE
- **STREET 2:** 3RD FLOOR
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203
- **BUSINESS PHONE:** 857-776-4824

**MAIL ADDRESS:**
- **STREET 1:** 101 SEAPORT BLVD
- **STREET 2:** FLOOR 11
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLS FARGO MULTI-SECTOR INCOME FUND
- **DATE OF NAME CHANGE:** 20151216

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLS FARGO ADVANTAGE MULTI-SECTOR INCOME FUND
- **DATE OF NAME CHANGE:** 20100719

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EVERGREEN MULTI-SECTOR INCOME FUND
- **DATE OF NAME CHANGE:** 20070530

![LOGO](g66982g0701025432394.jpg)

**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, 2025** 

------

<u>ITEM 1. REPORT TO STOCKHOLDERS</u> 

------

![](g66982imge9d26c371.jpg)

Allspring Multi-Sector Income Fund (ERC)

Semi-Annual Report

April 30, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Notice to Shareholders |
| &nbsp;&nbsp;&nbsp;&nbsp; • On November 14, 2024, the Fund announced a renewal of its open-market share repurchase program (the "Buyback <br> Program"). Under the renewed Buyback Program, the Fund may repurchase up to 5% of its outstanding shares in open <br> market transactions during the period beginning on January 1, 2025 and ending on December 31, 2025. The Fund's Board <br> of Trustees has delegated to Allspring Funds Management, LLC, the Fund's adviser, discretion to administer the Buyback <br> Program, including the determination of the amount and timing of repurchases in accordance with the best interests of <br> the Fund and subject to applicable legal limitations.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; • The Fund's managed distribution plan provides for the declaration of monthly distributions to common shareholders of the <br> Fund at an annual minimum fixed rate of 8.75% based on the Fund's average monthly net asset value per share over the <br> prior 12 months. Under the managed distribution plan, monthly distributions may be sourced from income, paid-in capital, <br> and/or capital gains, if any. To the extent that sufficient investment income is not available on a monthly basis, the Fund <br> may distribute long-term capital gains and/or return of capital to its shareholders in order to maintain its managed <br> distribution level. You should not draw any conclusions about the Fund's investment performance from the amount of the <br> Fund's distributions or from the terms of the managed distribution plan. Shareholders may elect to reinvest distributions <br> received pursuant to the managed distribution plan in the Fund under the existing dividend reinvestment plan, which is <br> described later in this report.<br>|

---

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Performance highlights](#xx_d0e257b1-fd15-46b4-9d04-5105489d0241_nph-pageblank-86_1)** | 2 |
| **[Portfolio of investments](#xx_d0e257b1-fd15-46b4-9d04-5105489d0241_poi-pageblank-86_1)** | 8 |
| **[Financial statements](#xx_d0e257b1-fd15-46b4-9d04-5105489d0241_fs-pageblank-86_1)** |  |
| &nbsp;&nbsp;&nbsp; [Statement of assets and liabilities](#xx_d0e257b1-fd15-46b4-9d04-5105489d0241_fs-pageblank-86_1) | 29 |
| &nbsp;&nbsp;&nbsp; [Statement of operations](#xx_d0e257b1-fd15-46b4-9d04-5105489d0241_fs-pageblank-86_2) | 30 |
| &nbsp;&nbsp;&nbsp; [Statement of changes in net assets](#xx_d0e257b1-fd15-46b4-9d04-5105489d0241_fs-pageblank-86_3) | 31 |
| &nbsp;&nbsp;&nbsp; [Statement of cash flows](#xx_d0e257b1-fd15-46b4-9d04-5105489d0241_fs-pageblank-86_4) | 32 |
| &nbsp;&nbsp;&nbsp; [Financial highlights](#xx_d0e257b1-fd15-46b4-9d04-5105489d0241_fihi-pageblank-86_1) | 33 |
| **[Notes to financial statements](#xx_d0e257b1-fd15-46b4-9d04-5105489d0241_ntf-pageblank-86_1)** | 34 |
| **[Other information](#xx_d0e257b1-fd15-46b4-9d04-5105489d0241_oi-pageblank-86_1)** | 39 |
| **[Automatic dividend reinvestment plan](#xx_d0e257b1-fd15-46b4-9d04-5105489d0241_adr-pageblank-86_1)** | 43 |

---

The views expressed and any forward-looking statements are as of April 30, 2025, 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 | &nbsp;&nbsp; The Fund seeks a high level of current income consistent with limiting its overall exposure to domestic <br> interest rate risk.<br>|
| Strategy summary | &nbsp;&nbsp; The Fund allocates its assets between three separate investment strategies, or sleeves. Under normal <br> market conditions, the Fund allocates approximately 30%-70% of its total assets to a sleeve consisting of <br> below investment-grade (high yield) debt; approximately 10%-40% to a sleeve of foreign debt securities, <br> including emerging market debt; and approximately 10%-30% to a sleeve of adjustable-rate and fixed-rate <br> mortgage-backed securities, and investment-grade corporate bonds.<br>|
| Adviser | Allspring Funds Management, LLC |
| Subadvisers | Allspring Global Investments, LLC |
|  | Allspring Global Investments (UK) Limited |
| Portfolio managers | &nbsp;&nbsp; Adam Hicks, Christopher Y. Kauffman, CFA, Chris Lee, CFA, Michael J. Schueller, CFA, Lauren van Biljon, <br> CFA, Noah Wise, CFA<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Average annual total returns (%) as of April 30, 2025<sup>1</sup>  | Average annual total returns (%) as of April 30, 2025<sup>1</sup>  | Average annual total returns (%) as of April 30, 2025<sup>1</sup>  | Average annual total returns (%) as of April 30, 2025<sup>1</sup>  | Average annual total returns (%) as of April 30, 2025<sup>1</sup>  |
|  | 6 months | 1 year | 5 year | 10 year |
| Based on market value | 5.55 | 12.37 | 7.80 | 5.71 |
| Based on net asset value (NAV) | 3.16 | 8.32 | 6.79 | 4.95 |
| Multi-Sector Income Blended Index (Strategy Benchmark)<sup>2</sup> <br>| 2.65 | 8.92 | 3.96 | 3.39 |
| Bloomberg U.S. Universal Bond Index (Regulatory Benchmark)<sup>3</sup> <br>| 2.53 | 8.14 | &nbsp;&nbsp; (0.00)<br>| 1.87 |

---

***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, 2025, was 3.27% which includes 2.27% of interest expense.

<sup>1</sup> 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. 

<sup>2</sup> Source: Allspring Funds Management, LLC. The Multi-Sector Income Blended Index is composed of 60% ICE BofA U.S. High Yield Constrained Index<sup>†</sup>, 18% J.P. Morgan GBI-EM Global Diversified Composite Index<sup>††</sup>, 7.5% Bloomberg U.S. Credit Bond Index<sup>†††</sup>, 7.5% Bloomberg U.S. Securitized Index<sup>††††</sup>, and 7% J.P. Morgan Global Government Bond Index (ex U.S.)<sup>†††††</sup>. You cannot invest directly in an index. Copyright 2025. ICE Data Indices, LLC. All rights reserved. <sup>†</sup>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. You cannot invest directly in an index. <sup>††</sup>The J.P. Morgan GBI-EM Global Diversified Composite Index is an unmanaged index of debt instruments of 31 emerging countries. You cannot invest directly in an index. <sup>†††</sup>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. <sup>††††</sup>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 <sup>†††††</sup>The J.P. Morgan Global Government Bond Index (ex U.S.) measures the total return from investing in 12 developed government bond markets: Australia, Belgium, Canada, Denmark, France, Germany, Italy, Japan, the Netherlands, Spain, Sweden, and the U.K. You cannot invest directly in an index. 

<sup>3</sup> 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. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CFA<sup>®</sup> and Chartered Financial Analyst<sup>®</sup> are trademarks owned by CFA Institute.<br>

2 \| Allspring Multi-Sector Income Fund

------

Performance highlights (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Growth of $10,000 investment as of April 30, 2025<sup>1</sup> <br>

![](g66982img974911a72.jpg)

<sup>1</sup> 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. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Comparison of NAV vs. market value<sup>1</sup> <br>

![](g66982img26d2ca953.jpg)

<sup>1</sup> 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

This closed-end fund is no longer available as an initial public offering and is only offered through broker-dealers on the secondary market. A closed-end fund is not required to buy its shares back from investors upon request. 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 5.55% for the six-month period that ended April 30, 2025. During the same period, the Fund's return based on its net asset value (NAV) was 3.16%. Based on both market value and NAV, the Fund outperformed the Multi-Sector Income Blended Index, which returned 2.65% for the period.

The Fed remains patient with inflation still elevated.

Over the past 12 months, both U.S. economic growth and inflation remained firm, with the former rising 2.0% year over year and the latter stuck above the Federal Reserve's (Fed's) target at 2.8% year over year. The Fed cut rates by 100 basis points (bps; 100 bps equal 1.00%) to a target range of 4.25–4.50% but held the federal funds rate unchanged since December 2024 on still-elevated inflation and significant uncertainty. The U.S. labor market remains healthy—near full employment—and consumer fundamentals remain solid. Policy uncertainty has risen to historic levels as the U.S. contemplates and enacts new tariff policies. Economists expect growth to slow and inflation to rise should the U.S. enact tariffs in a manner that resembles how they were proposed.

In the six months that ended April 30, 2025, the ICE BofA U.S. High Yield Index\* returned 1.64%. High yield bond yields increased to 7.91% from 7.35%, and high yield credit spreads widened 111 bps to 394 bps in option-adjusted spread. Despite the trailing 12-month default rate declining to 1.1%, risk premiums, as measured by credit spreads, grew to reflect the uncertainty that new tariff policies might have on the economy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Ten largest holdings (%) as of April 30, 2025<sup>1</sup>  | Ten largest holdings (%) as of April 30, 2025<sup>1</sup>  |
| Indonesia, 7.00%, 9-15-2030 | 2.57 |
| Colombia TES, 13.25%, 2-9-2033 | 1.85 |
| Hungary, 9.50%, 10-21-2026 | 1.67 |
| Mexico, 7.75%, 5-29-2031 | 1.50 |
| New Zealand, 4.25%, 5-15-2034 | 1.40 |
| International Bank for Reconstruction & Development, 9.50%, <br> 2-9-2029<br>| 1.30 |
| Colombia TES, 7.75%, 9-18-2030 | 1.28 |
| Romania, 7.35%, 4-28-2031 | 1.21 |
| Romania, 5.00%, 2-12-2029 | 1.21 |
| Romania, 7.20%, 10-30-2033 | 1.21 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. 

Security selection enabled the high yield sleeve to outperform its benchmark.

The Fund's high yield sleeve outperformed the ICE BofA U.S. High Yield Index in the six-month period that ended April 30, 2025. By sector, information technology and health care were most additive to relative performance within the high yield sleeve while utilities and building products holdings were most detrimental. Multiplan, a health care data and technology provider, and Bausch, a pharmaceutical company, were the two best-performing positions. Saks, the department store and

specialty retail operator, and Cornerstone, a building products supplier, were the two worst-performing individual holdings.

The high yield sleeve moved up the credit spectrum.

Over the past six months, the high yield sleeve increased its allocation to single-B-rated bonds and reduced its exposure to CCC-rated bonds. Allocations to the telecommunications and real estate sectors increased while allocations to the retail and gas distribution sectors decreased.

Leverage impact was a detractor.

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, 2025, the Fund had approximately 30.3% in leverage as a percentage of total assets.

Higher-quality high yield credits are expected to weather uncertainty.

The "Goldilocks" economic environment—moderate growth and falling inflation—that we experienced in 2024 now faces policy uncertainty. The extent to which this uncertainty changes economic behavior and outcomes is unclear. However, high yield issuer balance sheets—as well as leverage and coverage ratios—enter this period of uncertainty in a healthy condition. Thus, we believe higher-quality credits have the financial flexibility to survive a period of slower growth. Conversely, CCC-rated credits have lost access to the new issue market for the past two months.

While the trailing 12-month default rate is just 1.1%, slower growth portends rising defaults and stifles spread compression. This is why we prefer higher-quality credits. Relative to recent history, all-in yields continue to be attractive, which may explain the resilient performance of higher-quality credits during the recent bout of volatility. Returns that approximate coupon income are possible in a slower growth, volatile environment, but they require careful security selection.

Corporate and securitized bond spreads ended the period mostly wider.

For the six-month period that ended April 30, 2025, spreads (the difference in yields over Treasuries) in investment-grade corporate widened on average by 20 bps. Spreads in securitized sectors were also generally wider, with AAA-rated commercial mortgage-backed securities (CMBS) and asset-backed securities (ABS) widening 10–25 bps. Lower-rated CMBS were among the best-performing sectors, with A-rated securities tightening 9 bps and BBB-rated securities tightening 46 bps.

\*

ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high yield bonds. The index tracks the performance of high yield securities traded in the U.S. bond market. Returns shown are net of transaction costs beginning on July 1, 2022. You cannot invest directly in an index. Copyright 2025. ICE Data Indices, LLC. All rights reserved.

Allspring Multi-Sector Income Fund \| 5

------

Performance highlights (unaudited)

Subordinate CMBS, ABS, and investment-grade financials and utilities contributed.

Within securitized sectors, the mortgage/corporate bond sleeve's allocation to mezzanine CMBS was the largest contributor to performance, while allocations to ABS and collateralized loan obligations (CLOs) contributed to a lesser degree. The sleeve's allocation to non-agency collateralized mortgage obligations (CMOs) was the primary detractor within securitized as lower rates over the period resulted in higher realized and expected prepayments. The sleeve's overweight to financials within the investment-grade corporate bond sector was the primary contributor over the period, with a small underweight to utilities combined with security selection contributing to a lesser degree. Security selection within

industrials was a small detractor.

Credit quality as of April 30, 2025<sup>1</sup> <br>

![](g66982img3d74663d4.jpg)

<sup>1</sup> 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. 

Duration and curve positioning was a modest contributor.

The sleeve's long duration position combined with steepening bias contributed to performance as rates in the 2-year and 10-year parts of the curve rallied 57 bps and 12 bps, respectively.

The corporate and securitized credit outlook deteriorated as recession risks increased.

Within securitized sectors, we see value in certain ABS sectors, mezzanine private-label CMOs, and select CMBS deals. Our outlook has turned more cautious on corporate credit, where valuations look rich compared with

long-term historical levels.

Effective maturity distribution as of April 30, 2025<sup>1</sup> <br>

![](g66982imgb45c84465.jpg)

<sup>1</sup> Figures represent the percentage of the Fund's fixed-income securities. Allocations are subject to change and may have changed since the date specified. 

Approximately 42% of the mortgage/corporate sleeve's exposure is in corporate credit and 57% is in fixed-rate and floating-rate mortgage securities, with a small amount in cash. Insurance, banking, and technology remain the largest industry exposures in the credit sector,

while CMBS and CLOs are the largest weights within the securitized sector.

Geographic allocation as of April 30, 2025<sup>1</sup> <br>

![](g66982imgca54a2026.jpg)

<sup>1</sup> Figures represent the percentage of the Fund's long-term investments. Allocations are subject to change and may have changed since the date specified. 

The international/emerging market sleeve navigated volatility.

It was an eventful six months for the global economy, marked by high-profile elections, geopolitical risk, and a fractious tone on trade. "Volatility"

6 \| Allspring Multi-Sector Income Fund

------

Performance highlights (unaudited)

and "uncertainty" must be two of the most overused words of the current cycle, but their popularity won't be waning anytime soon. In general, growth forecasts are down while inflation forecasts are up, with the hit to growth seen as more immediate. This could create room for central banks to cut interest rates further.

Emerging market assets have had wide dispersion in recent months, with a late-2024 sell-off reversing course in early 2025. For the international/emerging market sleeve, currency contributed to returns. Strategy allocations to the Hungarian forint, Colombian peso, and Romanian leu performed particularly well. The South African rand and the Indonesian rupiah ended the reporting period weaker versus the U.S. dollar, and exposure here was a negative.

On the sovereign bond front, yield volatility was elevated given headline and global policy risk. Mexican sovereign bonds performed well and exposure to them benefited the strategy, with the country's assets rebounding after struggling in late 2024. Indian exposure was also a positive, with the strategy benefiting from the allocation's decent yield as well as its price gains. Bonds in Brazil and Colombia struggled, but decent coupon rates partially offset the rise in yields.

Positioning tweaks over the reporting period focused on adding yield without adding duration risk. Regional allocations were largely unchanged, but within the Eastern European position, a reduction in Romania allowed for a modest increase in Hungarian exposure. In Latin America, we reduced the contribution to duration from Brazil to add to our position in Colombia.

Allspring Multi-Sector Income Fund \| 7

------

Portfolio of investments—April 30, 2025 (unaudited)

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Agency securities: 0.10%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; FHLMC | 8.50<br> %<br>| &nbsp;&nbsp; 7-1-2028 | $1484 | &nbsp;&nbsp; $1507 |
| &nbsp;&nbsp;&nbsp; FHLMC (1 Year Treasury Constant Maturity+2.25%)± | 6.60 | &nbsp;&nbsp; 2-1-2037 | 23657 | &nbsp;&nbsp; 24525 |
| &nbsp;&nbsp;&nbsp; FHLMC (5 Year Treasury Constant Maturity+2.09%)± | 2.61 | &nbsp;&nbsp; 9-1-2032 | 147045 | &nbsp;&nbsp; 143417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC Series 2390 Class FD (30 Day Average <br> U.S. SOFR+0.56%)±<br>| 4.91 | &nbsp;&nbsp; 12-15-2031 | 2489 | &nbsp;&nbsp; 2485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC Series 2567 Class FH (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.86 | &nbsp;&nbsp; 2-15-2033 | 15230 | &nbsp;&nbsp; 15168 |
| &nbsp;&nbsp;&nbsp; FNMA | 6.00 | &nbsp;&nbsp; 4-1-2033 | 33259 | &nbsp;&nbsp; 33209 |
| &nbsp;&nbsp;&nbsp; FNMA Series 2001-25 Class Z | 6.00 | &nbsp;&nbsp; 6-25-2031 | 13675 | &nbsp;&nbsp; 14026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Series 2001-35 Class F (30 Day Average <br> U.S. SOFR+0.71%)±<br>| 5.07 | &nbsp;&nbsp; 7-25-2031 | 1076 | &nbsp;&nbsp; 1075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Series 2001-57 Class F (30 Day Average <br> U.S. SOFR+0.61%)±<br>| 4.97 | &nbsp;&nbsp; 6-25-2031 | 1083 | &nbsp;&nbsp; 1084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Series 2002-77 Class FH (30 Day Average <br> U.S. SOFR+0.51%)±<br>| 4.86 | &nbsp;&nbsp; 12-18-2032 | 4717 | &nbsp;&nbsp; 4708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Series 2002-97 Class FR (30 Day Average <br> U.S. SOFR+0.66%)±<br>| 5.02 | &nbsp;&nbsp; 1-25-2033 | 1621 | &nbsp;&nbsp; 1619 |
| &nbsp;&nbsp;&nbsp; GNMA | 6.50 | &nbsp;&nbsp; 6-15-2028 | 3154 | &nbsp;&nbsp; 3185 |
| &nbsp;&nbsp;&nbsp; GNMA Series 2019-H06 Class HIƒ±± | 1.80 | &nbsp;&nbsp; 4-20-2069 | 1141412 | &nbsp;&nbsp; 14434 |
| **Total agency securities (Cost $302,795)** |  |  |  | &nbsp;&nbsp; **260442** |
| **Asset-backed securities: 5.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ABFC Trust Series 2003-AHL1 Class A1±± | 4.18 | &nbsp;&nbsp; 3-25-2033 | 47868 | &nbsp;&nbsp; 46605 |
| &nbsp;&nbsp;&nbsp; Aqua Finance Trust Series 2021-A Class A144A | 1.54 | &nbsp;&nbsp; 7-17-2046 | 218172 | &nbsp;&nbsp; 201412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BRSP Ltd. Series 2021-FL1 Class A (U.S. SOFR 1 <br> Month+1.26%)144A±<br>| 5.58 | &nbsp;&nbsp; 8-19-2038 | 138119 | &nbsp;&nbsp; 136924 |
| &nbsp;&nbsp;&nbsp; Centex Home Equity Loan Trust Series 2002-A Class AF6 | 5.54 | &nbsp;&nbsp; 1-25-2032 | 2738 | &nbsp;&nbsp; 2743 |
| &nbsp;&nbsp;&nbsp; Five Guys Holdings, Inc. Series 2023-1A Class A2144A | 7.55 | &nbsp;&nbsp; 1-26-2054 | 54725 | &nbsp;&nbsp; 56591 |
| &nbsp;&nbsp;&nbsp; Frontier Issuer LLC Series 2024-1 Class C144A | 11.16 | &nbsp;&nbsp; 6-20-2054 | 230653 | &nbsp;&nbsp; 254567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HGI CRE CLO Ltd. Series 2021-FL1 Class A (U.S. SOFR 1 <br> Month+1.16%)144A±<br>| 5.49 | &nbsp;&nbsp; 6-16-2036 | 126886 | &nbsp;&nbsp; 126112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HGI CRE CLO Ltd. Series 2021-FL2 Class A (U.S. SOFR 1 <br> Month+1.11%)144A±<br>| 5.44 | &nbsp;&nbsp; 9-17-2036 | 887779 | &nbsp;&nbsp; 879185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Home Partners of America Trust Series 2021-1 <br> Class D144A<br>| 2.48 | &nbsp;&nbsp; 9-17-2041 | 869825 | &nbsp;&nbsp; 762470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MF1 Ltd. Series 2022-FL8 Class A (U.S. SOFR 1 <br> Month+1.35%)144A±<br>| 5.67 | &nbsp;&nbsp; 2-19-2037 | 834922 | &nbsp;&nbsp; 832339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MF1 Ltd. Series 2022-FL8 Class C (U.S. SOFR 1 <br> Month+2.20%)144A±<br>| 6.52 | &nbsp;&nbsp; 2-19-2037 | 1000000 | &nbsp;&nbsp; 977288 |
| &nbsp;&nbsp;&nbsp; Mid-State Trust XI Series 11 Class A1 | 4.86 | &nbsp;&nbsp; 7-15-2038 | 31422 | &nbsp;&nbsp; 31298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Century Home Equity Loan Trust Series 2004-3 <br> Class M1 (U.S. SOFR 1 Month+1.04%)±<br>| 5.37 | &nbsp;&nbsp; 11-25-2034 | 571789 | &nbsp;&nbsp; 571493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Economy Assets - Phase 1 Sponsor LLC Series 2021-1 <br> Class B1144A<br>| 2.41 | &nbsp;&nbsp; 10-20-2061 | 1000000 | &nbsp;&nbsp; 908591 |
| &nbsp;&nbsp;&nbsp; Octane Receivables Trust Series 2022-1A Class A2144A | 4.18 | &nbsp;&nbsp; 3-20-2028 | 14470 | &nbsp;&nbsp; 14464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained Vantage Data Centers Issuer LLC Series 2023-1A <br> Class A2A144A<br>| 5.00 | &nbsp;&nbsp; 9-15-2048 | 900000 | &nbsp;&nbsp; 893079 |

---

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

8 \| Allspring Multi-Sector Income Fund

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Asset-backed securities**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sound Point CLO VIII-R Ltd. Series 2015-1RA Class BR <br> (U.S. SOFR 3 Month+1.81%)144A±<br>| 6.07<br> %<br>| &nbsp;&nbsp; 4-15-2030 | $830585 | &nbsp;&nbsp; $831219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starwood LLC Series 2025-SIF5A Class A (U.S. SOFR 3 <br> Month+1.55%)144A±<br>| 5.80 | &nbsp;&nbsp; 4-15-2037 | 1000000 | &nbsp;&nbsp; 999582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starwood Ltd. Series 2022-FL3 Class A (30 Day Average <br> U.S. SOFR+1.35%)144A±<br>| 5.69 | &nbsp;&nbsp; 11-15-2038 | 1723159 | &nbsp;&nbsp; 1714665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Store Master Funding I-VII XIV XIX XX XXIV Series 2023-1A <br> Class A1144A<br>| 6.19 | &nbsp;&nbsp; 6-20-2053 | 495208 | &nbsp;&nbsp; 500274 |
| &nbsp;&nbsp;&nbsp; Store Master Funding I-VII Series 2018-1A Class A2144A | 4.29 | &nbsp;&nbsp; 10-20-2048 | 488817 | &nbsp;&nbsp; 482407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terwin Mortgage Trust Series 2003-6HE Class A3 <br> (U.S. SOFR 1 Month+1.25%)±<br>| 5.58 | &nbsp;&nbsp; 11-25-2033 | 91608 | &nbsp;&nbsp; 80789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TRTX Issuer Ltd. Series 2022-FL5 Class A (U.S. SOFR 1 <br> Month+1.65%)144A±<br>| 5.98 | &nbsp;&nbsp; 2-15-2039 | 772336 | &nbsp;&nbsp; 771412 |
| &nbsp;&nbsp;&nbsp; Uniti Fiber ABS Issuer LLC Series 2025-1A Class B144A | 6.37 | &nbsp;&nbsp; 4-20-2055 | 510000 | &nbsp;&nbsp; 519910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vantage Data Centers Issuer LLC Series 2020-1A <br> Class A2144A<br>| 1.65 | &nbsp;&nbsp; 9-15-2045 | 900000 | &nbsp;&nbsp; 887182 |
| &nbsp;&nbsp;&nbsp; Westgate Resorts LLC Series 2022-1A Class C144A | 2.49 | &nbsp;&nbsp; 8-20-2036 | 215944 | &nbsp;&nbsp; 213024 |
| &nbsp;&nbsp;&nbsp; Ziply Fiber Issuer LLC Series 2024-1A Class C144A | 11.17 | &nbsp;&nbsp; 4-20-2054 | 280000 | &nbsp;&nbsp; 299745 |
| **Total asset-backed securities (Cost $14,000,203)** |  |  |  | &nbsp;&nbsp; **13995370** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Common stocks: 0.88%** |  |  |
| **Communication services: 0.00%** |  |  |
| **Diversified telecommunication services: 0.00%** |  |  |
| &nbsp;&nbsp;&nbsp; Intelsat Emergence SA† | 90 | &nbsp;&nbsp; **3546** |
| **Energy: 0.61%** |  |  |
| **Oil, gas & consumable fuels: 0.61%** |  |  |
| &nbsp;&nbsp;&nbsp; Enviva, Inc.‡† | 119158 | &nbsp;&nbsp; **1668212** |
| **Utilities: 0.18%** |  |  |
| **Independent power and renewable electricity producers:** <br> **0.18%** |  |  |
| &nbsp;&nbsp;&nbsp; Vistra Corp. | 3744 | &nbsp;&nbsp; **485335** |
| **Investment Companies: 0.09%** |  |  |
| &nbsp;&nbsp;&nbsp; Resolute Topco, Inc.† | 26718 | &nbsp;&nbsp; **240462** |
| **Total common stocks (Cost $1,146,534)** |  | &nbsp;&nbsp; **2397555** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | Principal |  |
| **Corporate bonds and notes: 64.54%** |  |  |  |  |
| **Basic materials: 1.06%** |  |  |  |  |
| **Chemicals: 0.81%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Celanese U.S. Holdings LLC | 6.50 | &nbsp;&nbsp; 4-15-2030 | $720000 | &nbsp;&nbsp; 703531 |
| &nbsp;&nbsp;&nbsp; Chemours Co.144A | 8.00 | &nbsp;&nbsp; 1-15-2033 | 685000 | &nbsp;&nbsp; 617267 |
| &nbsp;&nbsp;&nbsp; SCIH Salt Holdings, Inc.144A | 6.63 | &nbsp;&nbsp; 5-1-2029 | 930000 | &nbsp;&nbsp; 903289 |
|  |  |  |  | &nbsp;&nbsp; **2224087** |

---

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

Allspring Multi-Sector Income Fund \| 9

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Iron/steel: 0.25%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.144A | 7.00<br> %<br>| &nbsp;&nbsp; 3-15-2032 | $730000 | &nbsp;&nbsp; **$685824** |
| **Communications: 7.99%** |  |  |  |  |
| **Advertising: 0.86%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.144A | 5.13 | &nbsp;&nbsp; 8-15-2027 | 315000 | &nbsp;&nbsp; 306271 |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.144A | 9.00 | &nbsp;&nbsp; 9-15-2028 | 690000 | &nbsp;&nbsp; 714187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media Capital <br> Corp.144A<br>| 4.63 | &nbsp;&nbsp; 3-15-2030 | 590000 | &nbsp;&nbsp; 545218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media Capital <br> Corp.144A<br>| 7.38 | &nbsp;&nbsp; 2-15-2031 | 760000 | &nbsp;&nbsp; 795842 |
|  |  |  |  | &nbsp;&nbsp; **2361518** |
| **Internet: 0.60%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Arches Buyer, Inc.144A | 6.13 | &nbsp;&nbsp; 12-1-2028 | 380000 | &nbsp;&nbsp; 339760 |
| &nbsp;&nbsp;&nbsp; Cablevision Lightpath LLC144A | 5.63 | &nbsp;&nbsp; 9-15-2028 | 580000 | &nbsp;&nbsp; 536990 |
| &nbsp;&nbsp;&nbsp; Match Group Holdings II LLC144A | 5.63 | &nbsp;&nbsp; 2-15-2029 | 791000 | &nbsp;&nbsp; 771820 |
|  |  |  |  | &nbsp;&nbsp; **1648570** |
| **Media: 4.00%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp.144A | 4.25 | &nbsp;&nbsp; 1-15-2034 | 1590000 | &nbsp;&nbsp; 1339397 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp.144A | 4.50 | &nbsp;&nbsp; 8-15-2030 | 2550000 | &nbsp;&nbsp; 2367890 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp. | 4.50 | &nbsp;&nbsp; 5-1-2032 | 250000 | &nbsp;&nbsp; 222120 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp.144A | 5.00 | &nbsp;&nbsp; 2-1-2028 | 825000 | &nbsp;&nbsp; 804915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter <br> Communications Operating Capital<br>| 5.05 | &nbsp;&nbsp; 3-30-2029 | 675000 | &nbsp;&nbsp; 674172 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC144A | 3.38 | &nbsp;&nbsp; 2-15-2031 | 715000 | &nbsp;&nbsp; 477342 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC144A | 5.50 | &nbsp;&nbsp; 4-15-2027 | 855000 | &nbsp;&nbsp; 794449 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC144A | 11.25 | &nbsp;&nbsp; 5-15-2028 | 465000 | &nbsp;&nbsp; 454544 |
| &nbsp;&nbsp;&nbsp; DISH DBS Corp.144A | 5.75 | &nbsp;&nbsp; 12-1-2028 | 420000 | &nbsp;&nbsp; 352735 |
| &nbsp;&nbsp;&nbsp; DISH Network Corp.144A | 11.75 | &nbsp;&nbsp; 11-15-2027 | 1410000 | &nbsp;&nbsp; 1481838 |
| &nbsp;&nbsp;&nbsp; News Corp.144A | 5.13 | &nbsp;&nbsp; 2-15-2032 | 500000 | &nbsp;&nbsp; 477006 |
| &nbsp;&nbsp;&nbsp; Paramount Global (3 Month LIBOR+3.90%)± | 6.25 | &nbsp;&nbsp; 2-28-2057 | 475000 | &nbsp;&nbsp; 438415 |
| &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC144A | 4.13 | &nbsp;&nbsp; 7-1-2030 | 1190000 | &nbsp;&nbsp; 1064754 |
|  |  |  |  | &nbsp;&nbsp; **10949577** |
| **Telecommunications: 2.53%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CommScope LLC144A | 8.25 | &nbsp;&nbsp; 3-1-2027 | 510000 | &nbsp;&nbsp; 464548 |
| &nbsp;&nbsp;&nbsp; EchoStar Corp. (PIK at 6.75%)¥ | 6.75 | &nbsp;&nbsp; 11-30-2030 | 2060000 | &nbsp;&nbsp; 1920070 |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.144A | 3.63 | &nbsp;&nbsp; 1-15-2029 | 610000 | &nbsp;&nbsp; 471225 |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.144A | 3.88 | &nbsp;&nbsp; 10-15-2030 | 535000 | &nbsp;&nbsp; 421955 |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.144A | 10.50 | &nbsp;&nbsp; 4-15-2029 | 1225000 | &nbsp;&nbsp; 1356362 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.144A | 10.00 | &nbsp;&nbsp; 10-15-2032 | 656250 | &nbsp;&nbsp; 654609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint <br> Spectrum Co. III LLC144A<br>| 5.15 | &nbsp;&nbsp; 3-20-2028 | 450000 | &nbsp;&nbsp; 452735 |
| &nbsp;&nbsp;&nbsp; Viasat, Inc.144A | 5.63 | &nbsp;&nbsp; 4-15-2027 | 385000 | &nbsp;&nbsp; 377168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Windstream Services LLC/Windstream Escrow Finance <br> Corp.144A<br>| 8.25 | &nbsp;&nbsp; 10-1-2031 | 775000 | &nbsp;&nbsp; 793382 |
|  |  |  |  | &nbsp;&nbsp; **6912054** |

---

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

10 \| Allspring Multi-Sector Income Fund

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Consumer, cyclical: 9.04%** |  |  |  |  |
| **Airlines: 0.35%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP Ltd.144A | 5.50<br> %<br>| &nbsp;&nbsp; 4-20-2026 | $113434 | &nbsp;&nbsp; $112678 |
| &nbsp;&nbsp;&nbsp; American Airlines, Inc./AAdvantage Loyalty IP Ltd.144A | 5.75 | &nbsp;&nbsp; 4-20-2029 | 420000 | &nbsp;&nbsp; 407359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mileage Plus Holdings LLC/Mileage Plus Intellectual <br> Property Assets Ltd.144A<br>| 6.50 | &nbsp;&nbsp; 6-20-2027 | 450000 | &nbsp;&nbsp; 451410 |
|  |  |  |  | &nbsp;&nbsp; **971447** |
| **Auto parts & equipment: 0.59%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd.144A | 7.50 | &nbsp;&nbsp; 2-15-2033 | 505000 | &nbsp;&nbsp; 478527 |
| &nbsp;&nbsp;&nbsp; Cooper Tire & Rubber Co. LLC | 7.63 | &nbsp;&nbsp; 3-15-2027 | 705000 | &nbsp;&nbsp; 712402 |
| &nbsp;&nbsp;&nbsp; ZF North America Capital, Inc.144A | 6.88 | &nbsp;&nbsp; 4-23-2032 | 490000 | &nbsp;&nbsp; 430064 |
|  |  |  |  | &nbsp;&nbsp; **1620993** |
| **Distribution/wholesale: 0.07%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ritchie Bros Holdings, Inc.144A | 7.75 | &nbsp;&nbsp; 3-15-2031 | 175000 | &nbsp;&nbsp; **183485** |
| **Entertainment: 2.34%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CCM Merger, Inc.144A | 6.38 | &nbsp;&nbsp; 5-1-2026 | 2380000 | &nbsp;&nbsp; 2382777 |
| &nbsp;&nbsp;&nbsp; Churchill Downs, Inc.144A | 6.75 | &nbsp;&nbsp; 5-1-2031 | 800000 | &nbsp;&nbsp; 807982 |
| &nbsp;&nbsp;&nbsp; Cinemark USA, Inc.144A | 7.00 | &nbsp;&nbsp; 8-1-2032 | 1720000 | &nbsp;&nbsp; 1758827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp./Six Flags Theme Parks, <br> Inc./Canada's Wonderland Co.144A<br>| 6.63 | &nbsp;&nbsp; 5-1-2032 | 1005000 | &nbsp;&nbsp; 1014015 |
| &nbsp;&nbsp;&nbsp; Warnermedia Holdings, Inc. | 4.28 | &nbsp;&nbsp; 3-15-2032 | 500000 | &nbsp;&nbsp; 428140 |
|  |  |  |  | &nbsp;&nbsp; **6391741** |
| **Home builders: 0.53%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; LGI Homes, Inc.144A | 8.75 | &nbsp;&nbsp; 12-15-2028 | 675000 | &nbsp;&nbsp; 681618 |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Communities, Inc.144A | 5.13 | &nbsp;&nbsp; 8-1-2030 | 255000 | &nbsp;&nbsp; 247067 |
| &nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc. | 5.70 | &nbsp;&nbsp; 6-15-2028 | 515000 | &nbsp;&nbsp; 514770 |
|  |  |  |  | &nbsp;&nbsp; **1443455** |
| **Housewares: 0.20%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 6.38 | &nbsp;&nbsp; 5-15-2030 | 605000 | &nbsp;&nbsp; **550728** |
| **Leisure time: 1.22%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd.144A | 5.88 | &nbsp;&nbsp; 2-15-2027 | 500000 | &nbsp;&nbsp; 497668 |
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd.144A | 6.75 | &nbsp;&nbsp; 2-1-2032 | 380000 | &nbsp;&nbsp; 371047 |
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd.144A | 7.75 | &nbsp;&nbsp; 2-15-2029 | 275000 | &nbsp;&nbsp; 283812 |
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd.144A | 8.13 | &nbsp;&nbsp; 1-15-2029 | 235000 | &nbsp;&nbsp; 246096 |
| &nbsp;&nbsp;&nbsp; Sabre Global, Inc.144A | 10.75 | &nbsp;&nbsp; 11-15-2029 | 757000 | &nbsp;&nbsp; 721042 |
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd.144A | 5.88 | &nbsp;&nbsp; 9-15-2027 | 210000 | &nbsp;&nbsp; 209574 |
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd.144A | 7.00 | &nbsp;&nbsp; 2-15-2029 | 1020000 | &nbsp;&nbsp; 1023665 |
|  |  |  |  | &nbsp;&nbsp; **3352904** |
| **Lodging: 0.69%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Genting New York LLC/GENNY Capital, Inc.144A | 7.25 | &nbsp;&nbsp; 10-1-2029 | 625000 | &nbsp;&nbsp; 624582 |

---

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

Allspring Multi-Sector Income Fund \| 11

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Lodging**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc.144A | 6.13<br> %<br>| &nbsp;&nbsp; 4-1-2032 | $770000 | &nbsp;&nbsp; $780244 |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 6.20 | &nbsp;&nbsp; 8-15-2034 | 500000 | &nbsp;&nbsp; 489941 |
|  |  |  |  | &nbsp;&nbsp; **1894767** |
| **Retail: 3.05%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beacon Roofing Supply, Inc.144A | 6.75 | &nbsp;&nbsp; 4-30-2032 | 490000 | &nbsp;&nbsp; 491267 |
| &nbsp;&nbsp;&nbsp; Carvana Co. (PIK at 13.00%)144A¥ | 9.00 | &nbsp;&nbsp; 6-1-2030 | 1375000 | &nbsp;&nbsp; 1455911 |
| &nbsp;&nbsp;&nbsp; FirstCash, Inc.144A | 4.63 | &nbsp;&nbsp; 9-1-2028 | 450000 | &nbsp;&nbsp; 436334 |
| &nbsp;&nbsp;&nbsp; FirstCash, Inc.144A | 6.88 | &nbsp;&nbsp; 3-1-2032 | 1010000 | &nbsp;&nbsp; 1033353 |
| &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc.144A | 6.38 | &nbsp;&nbsp; 1-15-2030 | 495000 | &nbsp;&nbsp; 500057 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc.144A | 4.38 | &nbsp;&nbsp; 1-15-2031 | 670000 | &nbsp;&nbsp; 615471 |
| &nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC144A | 6.13 | &nbsp;&nbsp; 3-15-2032 | 580000 | &nbsp;&nbsp; 522230 |
| &nbsp;&nbsp;&nbsp; Michaels Cos., Inc.144A | 7.88 | &nbsp;&nbsp; 5-1-2029 | 650000 | &nbsp;&nbsp; 223386 |
| &nbsp;&nbsp;&nbsp; PetSmart, Inc./PetSmart Finance Corp.144A | 7.75 | &nbsp;&nbsp; 2-15-2029 | 505000 | &nbsp;&nbsp; 470345 |
| &nbsp;&nbsp;&nbsp; Saks Global Enterprises LLC144A | 11.00 | &nbsp;&nbsp; 12-15-2029 | 855000 | &nbsp;&nbsp; 518590 |
| &nbsp;&nbsp;&nbsp; Sally Holdings LLC/Sally Capital, Inc. | 6.75 | &nbsp;&nbsp; 3-1-2032 | 405000 | &nbsp;&nbsp; 407939 |
| &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc.144A | 4.63 | &nbsp;&nbsp; 11-15-2029 | 295000 | &nbsp;&nbsp; 276713 |
| &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc.144A | 4.88 | &nbsp;&nbsp; 11-15-2031 | 695000 | &nbsp;&nbsp; 634512 |
| &nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc. | 8.13 | &nbsp;&nbsp; 8-15-2029 | 720000 | &nbsp;&nbsp; 749123 |
|  |  |  |  | &nbsp;&nbsp; **8335231** |
| **Consumer, non-cyclical: 8.50%** |  |  |  |  |
| **Commercial services: 2.81%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC144A | 7.88 | &nbsp;&nbsp; 2-15-2031 | 470000 | &nbsp;&nbsp; 480040 |
| &nbsp;&nbsp;&nbsp; Block, Inc.144A | 6.50 | &nbsp;&nbsp; 5-15-2032 | 895000 | &nbsp;&nbsp; 913151 |
| &nbsp;&nbsp;&nbsp; CoreCivic, Inc. | 8.25 | &nbsp;&nbsp; 4-15-2029 | 1495000 | &nbsp;&nbsp; 1575895 |
| &nbsp;&nbsp;&nbsp; GEO Group, Inc. | 8.63 | &nbsp;&nbsp; 4-15-2029 | 970000 | &nbsp;&nbsp; 1019710 |
| &nbsp;&nbsp;&nbsp; GEO Group, Inc. | 10.25 | &nbsp;&nbsp; 4-15-2031 | 845000 | &nbsp;&nbsp; 923283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC/Prime Finance, <br> Inc.144A<br>| 6.25 | &nbsp;&nbsp; 1-15-2028 | 190000 | &nbsp;&nbsp; 189843 |
| &nbsp;&nbsp;&nbsp; Service Corp. International | 5.75 | &nbsp;&nbsp; 10-15-2032 | 1055000 | &nbsp;&nbsp; 1041538 |
| &nbsp;&nbsp;&nbsp; Sotheby's/Bidfair Holdings, Inc.144A | 5.88 | &nbsp;&nbsp; 6-1-2029 | 1120000 | &nbsp;&nbsp; 952276 |
| &nbsp;&nbsp;&nbsp; Veritiv Operating Co.144A | 10.50 | &nbsp;&nbsp; 11-30-2030 | 580000 | &nbsp;&nbsp; 605838 |
|  |  |  |  | &nbsp;&nbsp; **7701574** |
| **Food: 1.32%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albertsons Cos., Inc./Safeway, Inc./New <br> Albertsons LP/Albertsons LLC144A<br>| 5.88 | &nbsp;&nbsp; 2-15-2028 | 565000 | &nbsp;&nbsp; 564573 |
| &nbsp;&nbsp;&nbsp; B&G Foods, Inc.144A | 8.00 | &nbsp;&nbsp; 9-15-2028 | 985000 | &nbsp;&nbsp; 977254 |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc.144A | 4.38 | &nbsp;&nbsp; 1-31-2032 | 570000 | &nbsp;&nbsp; 522187 |
| &nbsp;&nbsp;&nbsp; Performance Food Group, Inc.144A | 6.13 | &nbsp;&nbsp; 9-15-2032 | 495000 | &nbsp;&nbsp; 495147 |
| &nbsp;&nbsp;&nbsp; U.S. Foods, Inc.144A | 5.75 | &nbsp;&nbsp; 4-15-2033 | 1060000 | &nbsp;&nbsp; 1038278 |
|  |  |  |  | &nbsp;&nbsp; **3597439** |
| **Healthcare-services: 3.89%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems, Inc.144A | 5.25 | &nbsp;&nbsp; 5-15-2030 | 465000 | &nbsp;&nbsp; 396716 |
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems, Inc.144A | 6.00 | &nbsp;&nbsp; 1-15-2029 | 580000 | &nbsp;&nbsp; 540310 |
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems, Inc.144A | 10.88 | &nbsp;&nbsp; 1-15-2032 | 500000 | &nbsp;&nbsp; 516254 |

---

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

12 \| Allspring Multi-Sector Income Fund

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Healthcare-services**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CommonSpirit Health | 3.82<br> %<br>| &nbsp;&nbsp; 10-1-2049 | $750000 | &nbsp;&nbsp; $539705 |
| &nbsp;&nbsp;&nbsp; Concentra Health Services, Inc.144A | 6.88 | &nbsp;&nbsp; 7-15-2032 | 820000 | &nbsp;&nbsp; 839513 |
| &nbsp;&nbsp;&nbsp; DaVita, Inc.144A | 6.88 | &nbsp;&nbsp; 9-1-2032 | 1635000 | &nbsp;&nbsp; 1650837 |
| &nbsp;&nbsp;&nbsp; HCA, Inc. | 5.75 | &nbsp;&nbsp; 3-1-2035 | 1000000 | &nbsp;&nbsp; 1008864 |
| &nbsp;&nbsp;&nbsp; IQVIA, Inc.144A | 6.50 | &nbsp;&nbsp; 5-15-2030 | 915000 | &nbsp;&nbsp; 929666 |
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC144A | 5.75 | &nbsp;&nbsp; 12-31-2030 | 103081 | &nbsp;&nbsp; 79888 |
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC (PIK at 0.75%)144A¥ | 6.75 | &nbsp;&nbsp; 3-31-2031 | 459152 | &nbsp;&nbsp; 307632 |
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC (PIK at 5.00%)144A¥ | 11.50 | &nbsp;&nbsp; 12-31-2030 | 157765 | &nbsp;&nbsp; 145144 |
| &nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc.144A | 5.38 | &nbsp;&nbsp; 2-15-2030 | 665000 | &nbsp;&nbsp; 641294 |
| &nbsp;&nbsp;&nbsp; Star Parent, Inc.144A | 9.00 | &nbsp;&nbsp; 10-1-2030 | 1180000 | &nbsp;&nbsp; 1193948 |
| &nbsp;&nbsp;&nbsp; Surgery Center Holdings, Inc.144A | 7.25 | &nbsp;&nbsp; 4-15-2032 | 415000 | &nbsp;&nbsp; 414058 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. | 6.75 | &nbsp;&nbsp; 5-15-2031 | 1400000 | &nbsp;&nbsp; 1435124 |
|  |  |  |  | &nbsp;&nbsp; **10638953** |
| **Household products/wares: 0.19%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co. | 4.13 | &nbsp;&nbsp; 10-15-2030 | 560000 | &nbsp;&nbsp; **512896** |
| **Pharmaceuticals: 0.29%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AdaptHealth LLC144A | 5.13 | &nbsp;&nbsp; 3-1-2030 | 675000 | &nbsp;&nbsp; 603388 |
| &nbsp;&nbsp;&nbsp; CVS Pass-Through Trust | 6.04 | &nbsp;&nbsp; 12-10-2028 | 196218 | &nbsp;&nbsp; 198677 |
|  |  |  |  | &nbsp;&nbsp; **802065** |
| **Energy: 8.80%** |  |  |  |  |
| **Energy-alternate sources: 0.51%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Enviva Partners LP/Enviva Partners Finance Corp.144A♦† | 6.50 | &nbsp;&nbsp; 1-15-2026 | 2845000 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp; TerraForm Power Operating LLC144A | 4.75 | &nbsp;&nbsp; 1-15-2030 | 1480000 | &nbsp;&nbsp; 1394938 |
|  |  |  |  | &nbsp;&nbsp; **1394938** |
| **Oil & gas: 2.16%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aethon United BR LP/Aethon United Finance Corp.144A | 7.50 | &nbsp;&nbsp; 10-1-2029 | 430000 | &nbsp;&nbsp; 431738 |
| &nbsp;&nbsp;&nbsp; APA Corp.144A | 4.38 | &nbsp;&nbsp; 10-15-2028 | 750000 | &nbsp;&nbsp; 722980 |
| &nbsp;&nbsp;&nbsp; California Resources Corp.144A | 8.25 | &nbsp;&nbsp; 6-15-2029 | 355000 | &nbsp;&nbsp; 338459 |
| &nbsp;&nbsp;&nbsp; Encino Acquisition Partners Holdings LLC144A | 8.50 | &nbsp;&nbsp; 5-1-2028 | 880000 | &nbsp;&nbsp; 880627 |
| &nbsp;&nbsp;&nbsp; Encino Acquisition Partners Holdings LLC144A | 8.75 | &nbsp;&nbsp; 5-1-2031 | 550000 | &nbsp;&nbsp; 560009 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co.144A | 6.00 | &nbsp;&nbsp; 2-1-2031 | 785000 | &nbsp;&nbsp; 704596 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co.144A | 6.25 | &nbsp;&nbsp; 4-15-2032 | 145000 | &nbsp;&nbsp; 126131 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co.144A | 8.38 | &nbsp;&nbsp; 11-1-2033 | 235000 | &nbsp;&nbsp; 223476 |
| &nbsp;&nbsp;&nbsp; Kimmeridge Texas Gas LLC144A | 8.50 | &nbsp;&nbsp; 2-15-2030 | 210000 | &nbsp;&nbsp; 201630 |
| &nbsp;&nbsp;&nbsp; Kraken Oil & Gas Partners LLC144A | 7.63 | &nbsp;&nbsp; 8-15-2029 | 280000 | &nbsp;&nbsp; 250486 |
| &nbsp;&nbsp;&nbsp; Murphy Oil Corp. | 6.00 | &nbsp;&nbsp; 10-1-2032 | 500000 | &nbsp;&nbsp; 454890 |
| &nbsp;&nbsp;&nbsp; Nabors Industries Ltd.144A | 7.50 | &nbsp;&nbsp; 1-15-2028 | 325000 | &nbsp;&nbsp; 258634 |
| &nbsp;&nbsp;&nbsp; Nabors Industries, Inc.144A | 8.88 | &nbsp;&nbsp; 8-15-2031 | 445000 | &nbsp;&nbsp; 301816 |
| &nbsp;&nbsp;&nbsp; Nabors Industries, Inc.144A | 9.13 | &nbsp;&nbsp; 1-31-2030 | 505000 | &nbsp;&nbsp; 457308 |
|  |  |  |  | &nbsp;&nbsp; **5912780** |
| **Oil & gas services: 0.93%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Archrock Partners LP/Archrock Partners Finance <br> Corp.144A<br>| 6.63 | &nbsp;&nbsp; 9-1-2032 | 520000 | &nbsp;&nbsp; 517074 |

---

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

Allspring Multi-Sector Income Fund \| 13

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Oil & gas services**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bristow Group, Inc.144A | 6.88<br> %<br>| &nbsp;&nbsp; 3-1-2028 | $1570000 | &nbsp;&nbsp; $1523131 |
| &nbsp;&nbsp;&nbsp; Oceaneering International, Inc. | 6.00 | &nbsp;&nbsp; 2-1-2028 | 520000 | &nbsp;&nbsp; 494381 |
|  |  |  |  | &nbsp;&nbsp; **2534586** |
| **Pipelines: 5.20%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance <br> Corp.144A<br>| 6.63 | &nbsp;&nbsp; 2-1-2032 | 275000 | &nbsp;&nbsp; 277843 |
| &nbsp;&nbsp;&nbsp; Boardwalk Pipelines LP | 4.80 | &nbsp;&nbsp; 5-3-2029 | 750000 | &nbsp;&nbsp; 751086 |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP | 5.85 | &nbsp;&nbsp; 11-15-2043 | 1125000 | &nbsp;&nbsp; 944572 |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP144A | 6.88 | &nbsp;&nbsp; 7-1-2029 | 20000 | &nbsp;&nbsp; 20377 |
| &nbsp;&nbsp;&nbsp; CQP Holdco LP/BIP-V Chinook Holdco LLC144A | 5.50 | &nbsp;&nbsp; 6-15-2031 | 960000 | &nbsp;&nbsp; 921247 |
| &nbsp;&nbsp;&nbsp; CQP Holdco LP/BIP-V Chinook Holdco LLC144A | 7.50 | &nbsp;&nbsp; 12-15-2033 | 765000 | &nbsp;&nbsp; 804921 |
| &nbsp;&nbsp;&nbsp; Excelerate Energy LP144A%% | 8.00 | &nbsp;&nbsp; 5-15-2030 | 275000 | &nbsp;&nbsp; 279352 |
| &nbsp;&nbsp;&nbsp; Harvest Midstream I LP144A | 7.50 | &nbsp;&nbsp; 9-1-2028 | 825000 | &nbsp;&nbsp; 835059 |
| &nbsp;&nbsp;&nbsp; Harvest Midstream I LP144A | 7.50 | &nbsp;&nbsp; 5-15-2032 | 560000 | &nbsp;&nbsp; 569924 |
| &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP144A | 5.50 | &nbsp;&nbsp; 10-15-2030 | 445000 | &nbsp;&nbsp; 434504 |
| &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP144A | 6.50 | &nbsp;&nbsp; 6-1-2029 | 175000 | &nbsp;&nbsp; 177724 |
| &nbsp;&nbsp;&nbsp; Kinetik Holdings LP144A | 5.88 | &nbsp;&nbsp; 6-15-2030 | 1140000 | &nbsp;&nbsp; 1113837 |
| &nbsp;&nbsp;&nbsp; Prairie Acquiror LP144A | 9.00 | &nbsp;&nbsp; 8-1-2029 | 820000 | &nbsp;&nbsp; 826322 |
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC144A | 6.75 | &nbsp;&nbsp; 3-15-2033 | 200000 | &nbsp;&nbsp; 203207 |
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC144A | 6.88 | &nbsp;&nbsp; 4-15-2040 | 1440000 | &nbsp;&nbsp; 1359383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance <br> Corp.144A<br>| 6.00 | &nbsp;&nbsp; 12-31-2030 | 1325000 | &nbsp;&nbsp; 1233762 |
| &nbsp;&nbsp;&nbsp; Venture Global Calcasieu Pass LLC144A | 6.25 | &nbsp;&nbsp; 1-15-2030 | 805000 | &nbsp;&nbsp; 805221 |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.144A | 8.38 | &nbsp;&nbsp; 6-1-2031 | 1300000 | &nbsp;&nbsp; 1253611 |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.144A | 9.88 | &nbsp;&nbsp; 2-1-2032 | 820000 | &nbsp;&nbsp; 832598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture Global LNG, Inc. (5 Year Treasury Constant <br> Maturity+5.44%)144Aʊ±<br>| 9.00 | &nbsp;&nbsp; 9-30-2029 | 680000 | &nbsp;&nbsp; 584484 |
|  |  |  |  | &nbsp;&nbsp; **14229034** |
| **Financial: 13.70%** |  |  |  |  |
| **Banks: 0.52%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. Series X (5 Year Treasury Constant <br> Maturity+3.42%)ʊ±<br>| 3.88 | &nbsp;&nbsp; 2-18-2026 | 935000 | &nbsp;&nbsp; 909341 |
| &nbsp;&nbsp;&nbsp; Santander Holdings USA, Inc. (U.S. SOFR+1.88%)± | 5.74 | &nbsp;&nbsp; 3-20-2031 | 500000 | &nbsp;&nbsp; 505155 |
|  |  |  |  | &nbsp;&nbsp; **1414496** |
| **Diversified financial services: 5.08%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aircastle Ltd. Series A (5 Year Treasury Constant <br> Maturity+4.41%)144Aʊ±<br>| 5.25 | &nbsp;&nbsp; 6-15-2026 | 1290000 | &nbsp;&nbsp; 1253381 |
| &nbsp;&nbsp;&nbsp; Citadel Finance LLC144A | 5.90 | &nbsp;&nbsp; 2-10-2030 | 1000000 | &nbsp;&nbsp; 993106 |
| &nbsp;&nbsp;&nbsp; Encore Capital Group, Inc.144A | 9.25 | &nbsp;&nbsp; 4-1-2029 | 800000 | &nbsp;&nbsp; 844472 |
| &nbsp;&nbsp;&nbsp; EZCORP, Inc.144A | 7.38 | &nbsp;&nbsp; 4-1-2032 | 495000 | &nbsp;&nbsp; 518211 |
| &nbsp;&nbsp;&nbsp; Global Aircraft Leasing Co. Ltd.144A | 8.75 | &nbsp;&nbsp; 9-1-2027 | 485000 | &nbsp;&nbsp; 483243 |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc.144A | 6.13 | &nbsp;&nbsp; 11-1-2032 | 240000 | &nbsp;&nbsp; 235891 |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc.144A | 6.75 | &nbsp;&nbsp; 5-1-2033 | 335000 | &nbsp;&nbsp; 336578 |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc.144A | 7.13 | &nbsp;&nbsp; 4-30-2031 | 765000 | &nbsp;&nbsp; 788961 |
| &nbsp;&nbsp;&nbsp; Jefferies Finance LLC/JFIN Co-Issuer Corp.144A | 5.00 | &nbsp;&nbsp; 8-15-2028 | 575000 | &nbsp;&nbsp; 535036 |

---

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

14 \| Allspring Multi-Sector Income Fund

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Diversified financial services**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Jefferies Finance LLC/JFIN Co-Issuer Corp.144A | 6.63<br> %<br>| &nbsp;&nbsp; 10-15-2031 | $480000 | &nbsp;&nbsp; $470286 |
| &nbsp;&nbsp;&nbsp; Jefferson Capital Holdings LLC144A%% | 8.25 | &nbsp;&nbsp; 5-15-2030 | 295000 | &nbsp;&nbsp; 296875 |
| &nbsp;&nbsp;&nbsp; Jefferson Capital Holdings LLC144A | 9.50 | &nbsp;&nbsp; 2-15-2029 | 625000 | &nbsp;&nbsp; 655183 |
| &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc.144A | 6.50 | &nbsp;&nbsp; 8-1-2029 | 895000 | &nbsp;&nbsp; 909672 |
| &nbsp;&nbsp;&nbsp; Nationstar Mortgage Holdings, Inc.144A | 7.13 | &nbsp;&nbsp; 2-1-2032 | 825000 | &nbsp;&nbsp; 855858 |
| &nbsp;&nbsp;&nbsp; Navient Corp. | 11.50 | &nbsp;&nbsp; 3-15-2031 | 775000 | &nbsp;&nbsp; 864768 |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp. | 7.88 | &nbsp;&nbsp; 3-15-2030 | 955000 | &nbsp;&nbsp; 986553 |
| &nbsp;&nbsp;&nbsp; PRA Group, Inc.144A | 5.00 | &nbsp;&nbsp; 10-1-2029 | 561000 | &nbsp;&nbsp; 511131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, <br> Inc.144A<br>| 4.00 | &nbsp;&nbsp; 10-15-2033 | 665000 | &nbsp;&nbsp; 575237 |
| &nbsp;&nbsp;&nbsp; Synchrony Financial | 5.15 | &nbsp;&nbsp; 3-19-2029 | 750000 | &nbsp;&nbsp; 741590 |
| &nbsp;&nbsp;&nbsp; United Wholesale Mortgage LLC144A | 5.50 | &nbsp;&nbsp; 4-15-2029 | 1100000 | &nbsp;&nbsp; 1065129 |
|  |  |  |  | &nbsp;&nbsp; **13921161** |
| **Insurance: 4.03%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-<br> Issuer144A<br>| 7.38 | &nbsp;&nbsp; 10-1-2032 | 1530000 | &nbsp;&nbsp; 1546160 |
| &nbsp;&nbsp;&nbsp; AmWINS Group, Inc.144A | 4.88 | &nbsp;&nbsp; 6-30-2029 | 370000 | &nbsp;&nbsp; 353249 |
| &nbsp;&nbsp;&nbsp; AmWINS Group, Inc.144A | 6.38 | &nbsp;&nbsp; 2-15-2029 | 530000 | &nbsp;&nbsp; 536316 |
| &nbsp;&nbsp;&nbsp; Assurant, Inc. | 3.70 | &nbsp;&nbsp; 2-22-2030 | 750000 | &nbsp;&nbsp; 705258 |
| &nbsp;&nbsp;&nbsp; Athene Holding Ltd. | 4.13 | &nbsp;&nbsp; 1-12-2028 | 750000 | &nbsp;&nbsp; 739400 |
| &nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc. | 4.70 | &nbsp;&nbsp; 6-22-2047 | 850000 | &nbsp;&nbsp; 631808 |
| &nbsp;&nbsp;&nbsp; BroadStreet Partners, Inc.144A | 5.88 | &nbsp;&nbsp; 4-15-2029 | 750000 | &nbsp;&nbsp; 724145 |
| &nbsp;&nbsp;&nbsp; HUB International Ltd.144A | 5.63 | &nbsp;&nbsp; 12-1-2029 | 415000 | &nbsp;&nbsp; 405404 |
| &nbsp;&nbsp;&nbsp; HUB International Ltd.144A | 7.25 | &nbsp;&nbsp; 6-15-2030 | 135000 | &nbsp;&nbsp; 140028 |
| &nbsp;&nbsp;&nbsp; HUB International Ltd.144A | 7.38 | &nbsp;&nbsp; 1-31-2032 | 1000000 | &nbsp;&nbsp; 1030242 |
| &nbsp;&nbsp;&nbsp; Liberty Mutual Group, Inc.144A | 4.57 | &nbsp;&nbsp; 2-1-2029 | 750000 | &nbsp;&nbsp; 746417 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | 6.40 | &nbsp;&nbsp; 12-15-2036 | 1000000 | &nbsp;&nbsp; 988787 |
| &nbsp;&nbsp;&nbsp; Panther Escrow Issuer LLC144A | 7.13 | &nbsp;&nbsp; 6-1-2031 | 495000 | &nbsp;&nbsp; 507125 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. (3 Month LIBOR+2.38%)± | 4.50 | &nbsp;&nbsp; 9-15-2047 | 750000 | &nbsp;&nbsp; 727970 |
| &nbsp;&nbsp;&nbsp; Sammons Financial Group, Inc.144A | 4.45 | &nbsp;&nbsp; 5-12-2027 | 750000 | &nbsp;&nbsp; 747771 |
| &nbsp;&nbsp;&nbsp; USI, Inc.144A | 7.50 | &nbsp;&nbsp; 1-15-2032 | 490000 | &nbsp;&nbsp; 506067 |
|  |  |  |  | &nbsp;&nbsp; **11036147** |
| **Investment Companies: 0.18%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Golub Capital Private Credit Fund BDC144A | 5.88 | &nbsp;&nbsp; 5-1-2030 | 500000 | &nbsp;&nbsp; **490669** |
| **REITs: 3.89%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc.144A | 7.75 | &nbsp;&nbsp; 12-1-2029 | 600000 | &nbsp;&nbsp; 623172 |
| &nbsp;&nbsp;&nbsp; Brandywine Operating Partnership LP | 8.88 | &nbsp;&nbsp; 4-12-2029 | 1000000 | &nbsp;&nbsp; 1048735 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.144A | 4.50 | &nbsp;&nbsp; 2-15-2031 | 1330000 | &nbsp;&nbsp; 1232140 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.144A | 5.25 | &nbsp;&nbsp; 7-15-2030 | 1675000 | &nbsp;&nbsp; 1623184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital <br> Finance Corp.144A<br>| 7.00 | &nbsp;&nbsp; 7-15-2031 | 1020000 | &nbsp;&nbsp; 1048050 |
| &nbsp;&nbsp;&nbsp; MPT Operating Partnership LP/MPT Finance Corp.144A | 8.50 | &nbsp;&nbsp; 2-15-2032 | 590000 | &nbsp;&nbsp; 599430 |
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. | 4.50 | &nbsp;&nbsp; 4-1-2027 | 600000 | &nbsp;&nbsp; 598973 |
| &nbsp;&nbsp;&nbsp; Piedmont Operating Partnership LP | 2.75 | &nbsp;&nbsp; 4-1-2032 | 350000 | &nbsp;&nbsp; 272730 |
| &nbsp;&nbsp;&nbsp; Service Properties Trust | 8.38 | &nbsp;&nbsp; 6-15-2029 | 330000 | &nbsp;&nbsp; 322710 |
| &nbsp;&nbsp;&nbsp; Service Properties Trust144A | 8.63 | &nbsp;&nbsp; 11-15-2031 | 1400000 | &nbsp;&nbsp; 1485504 |

---

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

Allspring Multi-Sector Income Fund \| 15

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **REITs**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc.144A | 6.50<br> %<br>| &nbsp;&nbsp; 7-1-2030 | $850000 | &nbsp;&nbsp; $854933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Fiber Holdings, Inc./CSL <br> Capital LLC144A<br>| 6.00 | &nbsp;&nbsp; 1-15-2030 | 270000 | &nbsp;&nbsp; 241459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL <br> Capital LLC144A<br>| 10.50 | &nbsp;&nbsp; 2-15-2028 | 651000 | &nbsp;&nbsp; 691222 |
|  |  |  |  | &nbsp;&nbsp; **10642242** |
| **Industrial: 6.83%** |  |  |  |  |
| **Aerospace/defense: 1.12%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc.144A | 9.75 | &nbsp;&nbsp; 11-15-2030 | 890000 | &nbsp;&nbsp; 985147 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc.144A | 6.63 | &nbsp;&nbsp; 3-1-2032 | 2035000 | &nbsp;&nbsp; 2084560 |
|  |  |  |  | &nbsp;&nbsp; **3069707** |
| **Building materials: 1.28%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.144A | 6.38 | &nbsp;&nbsp; 3-1-2034 | 715000 | &nbsp;&nbsp; 709662 |
| &nbsp;&nbsp;&nbsp; Camelot Return Merger Sub, Inc.144A | 8.75 | &nbsp;&nbsp; 8-1-2028 | 650000 | &nbsp;&nbsp; 563688 |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP/Emerald Co-Issuer, Inc.144A | 6.63 | &nbsp;&nbsp; 12-15-2030 | 1030000 | &nbsp;&nbsp; 1044532 |
| &nbsp;&nbsp;&nbsp; JELD-WEN, Inc.144A | 7.00 | &nbsp;&nbsp; 9-1-2032 | 575000 | &nbsp;&nbsp; 504988 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc.144A | 6.38 | &nbsp;&nbsp; 3-1-2032 | 245000 | &nbsp;&nbsp; 246381 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc.144A | 6.75 | &nbsp;&nbsp; 3-1-2033 | 435000 | &nbsp;&nbsp; 436627 |
|  |  |  |  | &nbsp;&nbsp; **3505878** |
| **Electrical components & equipment: 0.65%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.144A | 4.38 | &nbsp;&nbsp; 3-31-2029 | 780000 | &nbsp;&nbsp; 727731 |
| &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.144A | 6.63 | &nbsp;&nbsp; 3-15-2032 | 1015000 | &nbsp;&nbsp; 1032479 |
|  |  |  |  | &nbsp;&nbsp; **1760210** |
| **Electronics: 0.29%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc. | 4.60 | &nbsp;&nbsp; 4-6-2027 | 600000 | &nbsp;&nbsp; 600817 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies, Inc.144A | 6.63 | &nbsp;&nbsp; 7-15-2032 | 200000 | &nbsp;&nbsp; 198144 |
|  |  |  |  | &nbsp;&nbsp; **798961** |
| **Environmental control: 0.23%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Clean Harbors, Inc.144A | 6.38 | &nbsp;&nbsp; 2-1-2031 | 615000 | &nbsp;&nbsp; **626439** |
| **Hand/machine tools: 0.77%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Werner FinCo LP/Werner FinCo, Inc.144A | 11.50 | &nbsp;&nbsp; 6-15-2028 | 730000 | &nbsp;&nbsp; 759240 |
| &nbsp;&nbsp;&nbsp; Werner FinCo LP/Werner FinCo, Inc. (PIK at 5.75%)144A¥ | 14.50 | &nbsp;&nbsp; 10-15-2028 | 1328833 | &nbsp;&nbsp; 1355409 |
|  |  |  |  | &nbsp;&nbsp; **2114649** |
| **Machinery-diversified: 0.52%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc.144A | 7.50 | &nbsp;&nbsp; 1-1-2030 | 454000 | &nbsp;&nbsp; 471020 |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc.144A | 9.50 | &nbsp;&nbsp; 1-1-2031 | 510000 | &nbsp;&nbsp; 543483 |
| &nbsp;&nbsp;&nbsp; TK Elevator U.S. Newco, Inc.144A | 5.25 | &nbsp;&nbsp; 7-15-2027 | 420000 | &nbsp;&nbsp; 413573 |
|  |  |  |  | &nbsp;&nbsp; **1428076** |
| **Packaging & containers: 0.95%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal <br> Packaging Finance PLC144A<br>| 6.00 | &nbsp;&nbsp; 6-15-2027 | 1085000 | &nbsp;&nbsp; 1081017 |

---

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

16 \| Allspring Multi-Sector Income Fund

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Packaging & containers**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Berry Global, Inc.144A | 5.63<br> %<br>| &nbsp;&nbsp; 7-15-2027 | $105000 | &nbsp;&nbsp; $104906 |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc.144A | 6.88 | &nbsp;&nbsp; 1-15-2030 | 285000 | &nbsp;&nbsp; 289573 |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc.144A | 8.75 | &nbsp;&nbsp; 4-15-2030 | 485000 | &nbsp;&nbsp; 499707 |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp./Sealed Air Corp. U.S.144A | 7.25 | &nbsp;&nbsp; 2-15-2031 | 600000 | &nbsp;&nbsp; 624810 |
|  |  |  |  | &nbsp;&nbsp; **2600013** |
| **Transportation: 0.29%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Genesee & Wyoming, Inc.144A | 6.25 | &nbsp;&nbsp; 4-15-2032 | 780000 | &nbsp;&nbsp; **790297** |
| **Trucking & leasing: 0.73%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Transportation & Infrastructure <br> Investors LLC144A<br>| 5.50 | &nbsp;&nbsp; 5-1-2028 | 700000 | &nbsp;&nbsp; 687440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Transportation & Infrastructure <br> Investors LLC144A<br>| 7.00 | &nbsp;&nbsp; 5-1-2031 | 930000 | &nbsp;&nbsp; 945607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Transportation & Infrastructure <br> Investors LLC144A<br>| 7.00 | &nbsp;&nbsp; 6-15-2032 | 365000 | &nbsp;&nbsp; 369856 |
|  |  |  |  | &nbsp;&nbsp; **2002903** |
| **Technology: 4.98%** |  |  |  |  |
| **Computers: 1.33%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton, Inc. | 5.95 | &nbsp;&nbsp; 4-15-2035 | 500000 | &nbsp;&nbsp; 496826 |
| &nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp. | 6.02 | &nbsp;&nbsp; 6-15-2026 | 536000 | &nbsp;&nbsp; 542225 |
| &nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc.144A | 7.75 | &nbsp;&nbsp; 3-31-2030 | 740000 | &nbsp;&nbsp; 770428 |
| &nbsp;&nbsp;&nbsp; Insight Enterprises, Inc.144A | 6.63 | &nbsp;&nbsp; 5-15-2032 | 470000 | &nbsp;&nbsp; 476817 |
| &nbsp;&nbsp;&nbsp; Seagate HDD Cayman | 8.50 | &nbsp;&nbsp; 7-15-2031 | 1275000 | &nbsp;&nbsp; 1363880 |
|  |  |  |  | &nbsp;&nbsp; **3650176** |
| **Office/business equipment: 0.29%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp.144A | 6.50 | &nbsp;&nbsp; 6-1-2032 | 775000 | &nbsp;&nbsp; **778605** |
| **Semiconductors: 0.63%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Broadcom Corp./Broadcom Cayman Finance Ltd. | 3.50 | &nbsp;&nbsp; 1-15-2028 | 750000 | &nbsp;&nbsp; 733905 |
| &nbsp;&nbsp;&nbsp; Entegris, Inc.144A | 4.75 | &nbsp;&nbsp; 4-15-2029 | 500000 | &nbsp;&nbsp; 486566 |
| &nbsp;&nbsp;&nbsp; Entegris, Inc.144A | 5.95 | &nbsp;&nbsp; 6-15-2030 | 510000 | &nbsp;&nbsp; 508936 |
|  |  |  |  | &nbsp;&nbsp; **1729407** |
| **Software: 2.73%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc.144A | 6.50 | &nbsp;&nbsp; 2-15-2030 | 1245000 | &nbsp;&nbsp; 1190035 |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc.144A | 6.50 | &nbsp;&nbsp; 3-31-2029 | 620000 | &nbsp;&nbsp; 620222 |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc.144A | 8.25 | &nbsp;&nbsp; 6-30-2032 | 1035000 | &nbsp;&nbsp; 1079627 |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc.144A | 9.00 | &nbsp;&nbsp; 9-30-2029 | 1380000 | &nbsp;&nbsp; 1390253 |
| &nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc.144A | 6.50 | &nbsp;&nbsp; 12-1-2029 | 660000 | &nbsp;&nbsp; 659350 |
| &nbsp;&nbsp;&nbsp; Rocket Software, Inc.144A | 9.00 | &nbsp;&nbsp; 11-28-2028 | 725000 | &nbsp;&nbsp; 746998 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc.144A | 6.50 | &nbsp;&nbsp; 6-1-2032 | 1025000 | &nbsp;&nbsp; 1039086 |
| &nbsp;&nbsp;&nbsp; VMware LLC | 3.90 | &nbsp;&nbsp; 8-21-2027 | 750000 | &nbsp;&nbsp; 738735 |
|  |  |  |  | &nbsp;&nbsp; **7464306** |

---

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

Allspring Multi-Sector Income Fund \| 17

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Utilities: 3.64%** |  |  |  |  |
| **Electric: 3.46%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AES Corp. (5 Year Treasury Constant Maturity+2.89%)± | 6.95<br> %<br>| &nbsp;&nbsp; 7-15-2055 | $640000 | &nbsp;&nbsp; $596857 |
| &nbsp;&nbsp;&nbsp; AES Corp. (5 Year Treasury Constant Maturity+3.20%)± | 7.60 | &nbsp;&nbsp; 1-15-2055 | 860000 | &nbsp;&nbsp; 849734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edison International (5 Year Treasury Constant <br> Maturity+3.86%)±<br>| 8.13 | &nbsp;&nbsp; 6-15-2053 | 670000 | &nbsp;&nbsp; 637936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EUSHI Finance, Inc. (5 Year Treasury Constant <br> Maturity+3.14%)±<br>| 7.63 | &nbsp;&nbsp; 12-15-2054 | 945000 | &nbsp;&nbsp; 949212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pattern Energy Operations LP/Pattern Energy Operations, <br> Inc.144A<br>| 4.50 | &nbsp;&nbsp; 8-15-2028 | 1385000 | &nbsp;&nbsp; 1316015 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. | 5.25 | &nbsp;&nbsp; 7-1-2030 | 1075000 | &nbsp;&nbsp; 1035743 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. (5 Year Treasury Constant Maturity+3.88%)± | 7.38 | &nbsp;&nbsp; 3-15-2055 | 985000 | &nbsp;&nbsp; 956228 |
| &nbsp;&nbsp;&nbsp; Sempra (5 Year Treasury Constant Maturity+2.87%)± | 4.13 | &nbsp;&nbsp; 4-1-2052 | 510000 | &nbsp;&nbsp; 467321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. (5 Year Treasury Constant <br> Maturity+5.74%)144Aʊ±<br>| 7.00 | &nbsp;&nbsp; 12-15-2026 | 505000 | &nbsp;&nbsp; 509997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. Series C (5 Year Treasury Constant <br> Maturity+5.05%)144Aʊ±<br>| 8.88 | &nbsp;&nbsp; 1-15-2029 | 500000 | &nbsp;&nbsp; 526113 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC144A | 7.75 | &nbsp;&nbsp; 10-15-2031 | 690000 | &nbsp;&nbsp; 729594 |
| &nbsp;&nbsp;&nbsp; XPLR Infrastructure Operating Partners LP144A | 7.25 | &nbsp;&nbsp; 1-15-2029 | 905000 | &nbsp;&nbsp; 895664 |
|  |  |  |  | &nbsp;&nbsp; **9470414** |
| **Gas: 0.18%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC144A | 7.50 | &nbsp;&nbsp; 5-1-2033 | 470000 | &nbsp;&nbsp; **482177** |
| **Total corporate bonds and notes (Cost $178,078,537)** |  |  |  | &nbsp;&nbsp; **176627579** |
| **Foreign corporate bonds and notes: 11.53%** |  |  |  |  |
| **Financial: 0.33%** |  |  |  |  |
| **Banks: 0.33%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Kreditanstalt fuer Wiederaufbau | 5.80 | &nbsp;&nbsp; 1-19-2028 | 17500000 | &nbsp;&nbsp; **897323** |
| **Government securities: 11.20%** |  |  |  |  |
| **Multi-national: 11.20%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asian Development Bank | 6.00 | &nbsp;&nbsp; 2-5-2026 | 9000000 | &nbsp;&nbsp; 1497132 |
| &nbsp;&nbsp;&nbsp; Asian Development Bank | 6.20 | &nbsp;&nbsp; 10-6-2026 | 34000000 | &nbsp;&nbsp; 401104 |
| &nbsp;&nbsp;&nbsp; Asian Infrastructure Investment Bank | 6.00 | &nbsp;&nbsp; 12-8-2031 | 185000000 | &nbsp;&nbsp; 2105886 |
| &nbsp;&nbsp;&nbsp; Asian Infrastructure Investment Bank | 7.20 | &nbsp;&nbsp; 7-2-2031 | 175000000 | &nbsp;&nbsp; 2109867 |
| &nbsp;&nbsp;&nbsp; European Bank for Reconstruction & Development | 6.30 | &nbsp;&nbsp; 10-26-2027 | 185000000 | &nbsp;&nbsp; 2178553 |
| &nbsp;&nbsp;&nbsp; European Investment Bank | 6.50 | &nbsp;&nbsp; 9-28-2032 | 63500000 | &nbsp;&nbsp; 3084798 |
| &nbsp;&nbsp;&nbsp; European Investment Bank | 7.25 | &nbsp;&nbsp; 1-23-2030 | 45500000 | &nbsp;&nbsp; 2416864 |
| &nbsp;&nbsp;&nbsp; European Investment Bank | 8.00 | &nbsp;&nbsp; 5-5-2027 | 49000000 | &nbsp;&nbsp; 2675688 |
| &nbsp;&nbsp;&nbsp; Inter-American Development Bank | 7.00 | &nbsp;&nbsp; 4-17-2033 | 140000000 | &nbsp;&nbsp; 1699509 |
| &nbsp;&nbsp;&nbsp; International Bank for Reconstruction & Development | 5.75 | &nbsp;&nbsp; 1-14-2028 | 15000000 | &nbsp;&nbsp; 2257209 |
| &nbsp;&nbsp;&nbsp; International Bank for Reconstruction & Development | 6.75 | &nbsp;&nbsp; 2-9-2029 | 60000000 | &nbsp;&nbsp; 3157849 |
| &nbsp;&nbsp;&nbsp; International Bank for Reconstruction & Development | 9.50 | &nbsp;&nbsp; 2-9-2029 | 22000000 | &nbsp;&nbsp; 3571853 |
| &nbsp;&nbsp;&nbsp; International Finance Corp. | 9.00 | &nbsp;&nbsp; 1-22-2036 | 16000000 | &nbsp;&nbsp; 859883 |

---

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

18 \| Allspring Multi-Sector Income Fund

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Multi-national**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; International Finance Corp. | 10.00<br> %<br>| &nbsp;&nbsp; 2-3-2027 | 7800000 | &nbsp;&nbsp; $1274426 |
| &nbsp;&nbsp;&nbsp; International Finance Corp. | 10.75 | &nbsp;&nbsp; 2-15-2028 | 8000000 | &nbsp;&nbsp; 1361092 |
|  |  |  |  | &nbsp;&nbsp; **30651713** |
| **Total foreign corporate bonds and notes (Cost $34,360,290)** |  |  |  | &nbsp;&nbsp; **31549036** |
| **Foreign government bonds: 18.60%** |  |  |  |  |
| **Colombia: 3.83%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Colombia TES | 6.00 | &nbsp;&nbsp; 4-28-2028 | 9000000000 | &nbsp;&nbsp; 1911799 |
| &nbsp;&nbsp;&nbsp; Colombia TES | 7.75 | &nbsp;&nbsp; 9-18-2030 | 17000000000 | &nbsp;&nbsp; 3496211 |
| &nbsp;&nbsp;&nbsp; Colombia TES | 13.25 | &nbsp;&nbsp; 2-9-2033 | 20100000000 | &nbsp;&nbsp; 5074452 |
|  |  |  |  | &nbsp;&nbsp; **10482462** |
| **Hungary: 1.67%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Hungary | 9.50 | &nbsp;&nbsp; 10-21-2026 | 1570000000 | &nbsp;&nbsp; **4585756** |
| **Indonesia: 3.22%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Indonesia | 6.63 | &nbsp;&nbsp; 2-15-2034 | 30000000000 | &nbsp;&nbsp; 1778648 |
| &nbsp;&nbsp;&nbsp; Indonesia | 7.00 | &nbsp;&nbsp; 9-15-2030 | 115000000000 | &nbsp;&nbsp; 7022897 |
|  |  |  |  | &nbsp;&nbsp; **8801545** |
| **Mexico: 4.23%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Mexico | 7.50 | &nbsp;&nbsp; 5-26-2033 | 68500000 | &nbsp;&nbsp; 3156194 |
| &nbsp;&nbsp;&nbsp; Mexico | 7.75 | &nbsp;&nbsp; 5-29-2031 | 85000000 | &nbsp;&nbsp; 4092076 |
| &nbsp;&nbsp;&nbsp; Mexico | 8.00 | &nbsp;&nbsp; 7-31-2053 | 33500000 | &nbsp;&nbsp; 1392956 |
| &nbsp;&nbsp;&nbsp; Mexico | 8.50 | &nbsp;&nbsp; 5-31-2029 | 58000000 | &nbsp;&nbsp; 2936660 |
|  |  |  |  | &nbsp;&nbsp; **11577886** |
| **New Zealand: 1.40%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; New Zealand | 4.25 | &nbsp;&nbsp; 5-15-2034 | 6500000 | &nbsp;&nbsp; **3831578** |
| **Romania: 3.63%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Romania | 5.00 | &nbsp;&nbsp; 2-12-2029 | 15800000 | &nbsp;&nbsp; 3302528 |
| &nbsp;&nbsp;&nbsp; Romania | 7.20 | &nbsp;&nbsp; 10-30-2033 | 14850000 | &nbsp;&nbsp; 3298848 |
| &nbsp;&nbsp;&nbsp; Romania | 7.35 | &nbsp;&nbsp; 4-28-2031 | 14750000 | &nbsp;&nbsp; 3324976 |
|  |  |  |  | &nbsp;&nbsp; **9926352** |
| **United Kingdom: 0.62%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.K. Gilts | 3.75 | &nbsp;&nbsp; 10-22-2053 | 1625000 | &nbsp;&nbsp; **1696778** |
| **Total foreign government bonds (Cost $51,654,139)** |  |  |  | &nbsp;&nbsp; **50902357** |
| **Loans: 18.19%** |  |  |  |  |
| **Communications: 2.79%** |  |  |  |  |
| **Advertising: 0.35%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc. (U.S. SOFR 1 <br> Month+4.00%)±<br>| 8.44 | &nbsp;&nbsp; 8-23-2028 | $1000000 | &nbsp;&nbsp; **967500** |

---

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

Allspring Multi-Sector Income Fund \| 19

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Internet: 0.71%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Arches Buyer, Inc. (U.S. SOFR 1 Month+3.25%)± | 7.67<br> %<br>| &nbsp;&nbsp; 12-6-2027 | $1373072 | &nbsp;&nbsp; $1343551 |
| &nbsp;&nbsp;&nbsp; Cablevision Lightpath LLC (U.S. SOFR 1 Month+3.00%)± | 7.32 | &nbsp;&nbsp; 11-30-2027 | 603488 | &nbsp;&nbsp; 601225 |
|  |  |  |  | &nbsp;&nbsp; **1944776** |
| **Media: 1.05%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC (U.S. SOFR 1 Month+4.50%)± | 8.82 | &nbsp;&nbsp; 1-18-2028 | 1516611 | &nbsp;&nbsp; 1474055 |
| &nbsp;&nbsp;&nbsp; DIRECTV Financing LLC (U.S. SOFR 3 Month+5.00%)± | 9.54 | &nbsp;&nbsp; 8-2-2027 | 87370 | &nbsp;&nbsp; 87253 |
| &nbsp;&nbsp;&nbsp; DIRECTV Financing LLC (U.S. SOFR 3 Month+5.25%)± | 9.79 | &nbsp;&nbsp; 8-2-2029 | 731456 | &nbsp;&nbsp; 705950 |
| &nbsp;&nbsp;&nbsp; Hubbard Radio LLC (U.S. SOFR 1 Month+4.50%)‡± | 8.82 | &nbsp;&nbsp; 9-30-2027 | 940147 | &nbsp;&nbsp; 615796 |
|  |  |  |  | &nbsp;&nbsp; **2883054** |
| **Telecommunications: 0.68%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CommScope, Inc. (U.S. SOFR 1 Month+5.25%)± | 9.57 | &nbsp;&nbsp; 12-17-2029 | 1630000 | &nbsp;&nbsp; 1597905 |
| &nbsp;&nbsp;&nbsp; Connect Finco Sarl (U.S. SOFR 1 Month+3.50%)± | 7.82 | &nbsp;&nbsp; 12-11-2026 | 248099 | &nbsp;&nbsp; 246085 |
|  |  |  |  | &nbsp;&nbsp; **1843990** |
| **Consumer, cyclical: 2.01%** |  |  |  |  |
| **Airlines: 0.36%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; SkyMiles IP Ltd. (U.S. SOFR 3 Month+3.75%)± | 8.02 | &nbsp;&nbsp; 10-20-2027 | 922135 | &nbsp;&nbsp; 928858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vista Management Holding, Inc. (U.S. SOFR 3 <br> Month+3.75%)±<br>| 8.05 | &nbsp;&nbsp; 4-1-2031 | 55000 | &nbsp;&nbsp; 54702 |
|  |  |  |  | &nbsp;&nbsp; **983560** |
| **Auto parts & equipment: 0.13%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; First Brands Group LLC (U.S. SOFR 3 Month+5.00%)± | 9.54 | &nbsp;&nbsp; 3-30-2027 | 376697 | &nbsp;&nbsp; **349051** |
| **Entertainment: 0.72%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cinemark USA, Inc. (U.S. SOFR 1 Month+2.75%)± | 7.05 | &nbsp;&nbsp; 5-24-2030 | 666485 | &nbsp;&nbsp; 664265 |
| &nbsp;&nbsp;&nbsp; Crown Finance U.S., Inc. (U.S. SOFR 1 Month+5.25%)± | 9.57 | &nbsp;&nbsp; 12-2-2031 | 1331662 | &nbsp;&nbsp; 1317933 |
|  |  |  |  | &nbsp;&nbsp; **1982198** |
| **Housewares: 0.25%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; American Greetings Corp. (U.S. SOFR 1 Month+5.75%)± | 10.07 | &nbsp;&nbsp; 10-30-2029 | 671510 | &nbsp;&nbsp; **670812** |
| **Leisure time: 0.23%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sabre Global, Inc. (U.S. SOFR 1 Month+3.50%)± | 7.94 | &nbsp;&nbsp; 12-17-2027 | 673943 | &nbsp;&nbsp; **638985** |
| **Retail: 0.32%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc. (U.S. SOFR 3 <br> Month+3.25%)±<br>| 7.81 | &nbsp;&nbsp; 3-3-2028 | 1010000 | &nbsp;&nbsp; 878508 |
| &nbsp;&nbsp;&nbsp; PetSmart, Inc. (U.S. SOFR 1 Month+3.75%)± | 8.17 | &nbsp;&nbsp; 2-11-2028 | 3438 | &nbsp;&nbsp; 3345 |
|  |  |  |  | &nbsp;&nbsp; **881853** |
| **Consumer, non-cyclical: 4.72%** |  |  |  |  |
| **Commercial services: 0.90%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC (U.S. SOFR 1 Month+3.75%)± | 8.17 | &nbsp;&nbsp; 5-12-2028 | 847808 | &nbsp;&nbsp; 846519 |
| &nbsp;&nbsp;&nbsp; GEO Group, Inc. (U.S. SOFR 1 Month+5.25%)± | 9.57 | &nbsp;&nbsp; 4-13-2029 | 1019503 | &nbsp;&nbsp; 1031289 |
| &nbsp;&nbsp;&nbsp; Hertz Corp. (U.S. SOFR 3 Month+3.50%)± | 8.04 | &nbsp;&nbsp; 6-30-2028 | 748374 | &nbsp;&nbsp; 578119 |
|  |  |  |  | &nbsp;&nbsp; **2455927** |

---

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

20 \| Allspring Multi-Sector Income Fund

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Cosmetics/Personal Care: 0.54%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Opal U.S. LLC (U.S. SOFR 3 Month+2.25%)‡± | 9.75<br> %<br>| &nbsp;&nbsp; 3-31-2032 | $1500000 | &nbsp;&nbsp; **$1485945** |
| **Food: 0.57%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; B&G Foods, Inc. (U.S. SOFR 1 Month+3.50%)± | 7.82 | &nbsp;&nbsp; 10-10-2029 | 1650111 | &nbsp;&nbsp; **1572555** |
| **Healthcare-products: 0.58%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Medline Borrower LP (U.S. SOFR 1 Month+2.25%)± | 6.57 | &nbsp;&nbsp; 10-23-2028 | 1596538 | &nbsp;&nbsp; **1584724** |
| **Healthcare-services: 1.60%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Modivcare, Inc. (U.S. SOFR 3 Month+4.75%)± | 9.05 | &nbsp;&nbsp; 7-1-2031 | 1576010 | &nbsp;&nbsp; 1057897 |
| &nbsp;&nbsp;&nbsp; Modivcare, Inc. (U.S. SOFR 3 Month+7.50%)± | 11.71 | &nbsp;&nbsp; 1-9-2026 | 272976 | &nbsp;&nbsp; 205840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC (U.S. SOFR 3 <br> Month+3.75%)±<br>| 8.03 | &nbsp;&nbsp; 12-31-2030 | 500000 | &nbsp;&nbsp; 492500 |
| &nbsp;&nbsp;&nbsp; Star Parent, Inc. (U.S. SOFR 3 Month+4.00%)± | 8.30 | &nbsp;&nbsp; 9-27-2030 | 1311750 | &nbsp;&nbsp; 1266665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Surgery Center Holdings, Inc. (U.S. SOFR 1 <br> Month+2.75%)±<br>| 7.07 | &nbsp;&nbsp; 12-19-2030 | 1347868 | &nbsp;&nbsp; 1342396 |
|  |  |  |  | &nbsp;&nbsp; **4365298** |
| **Pharmaceuticals: 0.53%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endo Luxembourg Finance Co. I Sarl (U.S. SOFR 1 <br> Month+4.00%)±<br>| 8.32 | &nbsp;&nbsp; 4-23-2031 | 1492500 | &nbsp;&nbsp; **1443680** |
| **Energy: 0.90%** |  |  |  |  |
| **Pipelines: 0.90%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AL NGPL Holdings LLC (U.S. SOFR 3 Month+2.50%)± | 6.78 | &nbsp;&nbsp; 4-13-2028 | 1206448 | &nbsp;&nbsp; 1202684 |
| &nbsp;&nbsp;&nbsp; GIP II Blue Holding LP (U.S. SOFR 1 Month+3.75%)± | 8.07 | &nbsp;&nbsp; 9-29-2028 | 301373 | &nbsp;&nbsp; 301813 |
| &nbsp;&nbsp;&nbsp; Prairie Acquiror LP (U.S. SOFR 1 Month+4.25%)± | 8.57 | &nbsp;&nbsp; 8-1-2029 | 987616 | &nbsp;&nbsp; 971073 |
|  |  |  |  | &nbsp;&nbsp; **2475570** |
| **Financial: 1.97%** |  |  |  |  |
| **Insurance: 1.50%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asurion LLC (U.S. SOFR 1 Month+3.25%)± | 7.69 | &nbsp;&nbsp; 12-23-2026 | 1393862 | &nbsp;&nbsp; 1381443 |
| &nbsp;&nbsp;&nbsp; Asurion LLC (U.S. SOFR 1 Month+3.25%)± | 7.69 | &nbsp;&nbsp; 7-31-2027 | 84560 | &nbsp;&nbsp; 82587 |
| &nbsp;&nbsp;&nbsp; Asurion LLC (U.S. SOFR 1 Month+5.25%)± | 9.69 | &nbsp;&nbsp; 1-31-2028 | 463793 | &nbsp;&nbsp; 431990 |
| &nbsp;&nbsp;&nbsp; BroadStreet Partners, Inc. (U.S. SOFR 1 Month+3.00%)± | 7.32 | &nbsp;&nbsp; 6-13-2031 | 873976 | &nbsp;&nbsp; 869134 |
| &nbsp;&nbsp;&nbsp; HUB International Ltd. (U.S. SOFR 3 Month+2.50%)± | 6.77 | &nbsp;&nbsp; 6-20-2030 | 1077055 | &nbsp;&nbsp; 1069408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Insurance Holdings LLC (U.S. SOFR 3 <br> Month+4.75%)±<br>| 9.05 | &nbsp;&nbsp; 5-6-2032 | 276316 | &nbsp;&nbsp; 275211 |
|  |  |  |  | &nbsp;&nbsp; **4109773** |
| **REITs: 0.47%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc. (U.S. SOFR 1 <br> Month+3.75%)‡±<br>| 8.07 | &nbsp;&nbsp; 12-11-2028 | 359100 | &nbsp;&nbsp; 358203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. (U.S. SOFR 1 <br> Month+2.25%)‡±<br>| 6.57 | &nbsp;&nbsp; 11-18-2027 | 914044 | &nbsp;&nbsp; 911759 |
|  |  |  |  | &nbsp;&nbsp; **1269962** |

---

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

Allspring Multi-Sector Income Fund \| 21

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Industrial: 3.06%** |  |  |  |  |
| **Aerospace/defense: 1.29%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems, Inc. (U.S. SOFR 3 Month+4.50%)± | 8.78<br> %<br>| &nbsp;&nbsp; 1-15-2027 | $2535000 | &nbsp;&nbsp; $2532896 |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc. (U.S. SOFR 3 Month+2.75%)± | 7.05 | &nbsp;&nbsp; 8-24-2028 | 1000000 | &nbsp;&nbsp; 997920 |
|  |  |  |  | &nbsp;&nbsp; **3530816** |
| **Building materials: 0.76%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cornerstone Building Brands, Inc. (U.S. SOFR 1 <br> Month+3.25%)±<br>| 7.67 | &nbsp;&nbsp; 4-12-2028 | 940041 | &nbsp;&nbsp; 819659 |
| &nbsp;&nbsp;&nbsp; CP Atlas Buyer, Inc. (U.S. SOFR 1 Month+3.75%)± | 8.17 | &nbsp;&nbsp; 11-23-2027 | 985783 | &nbsp;&nbsp; 919982 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc. (U.S. SOFR 1 Month+2.25%)± | 6.57 | &nbsp;&nbsp; 2-10-2032 | 355000 | &nbsp;&nbsp; 347577 |
|  |  |  |  | &nbsp;&nbsp; **2087218** |
| **Environmental control: 0.21%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; MIP V Waste Holdings LLC (U.S. SOFR 6 Month+3.00%)‡± | 7.24 | &nbsp;&nbsp; 12-8-2028 | 582977 | &nbsp;&nbsp; **582616** |
| **Machinery-diversified: 0.31%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TK Elevator U.S. Newco, Inc. (U.S. SOFR 3 Month+3.00%)± | 7.24 | &nbsp;&nbsp; 4-30-2030 | 842644 | &nbsp;&nbsp; **838430** |
| **Packaging & containers: 0.49%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc. (U.S. SOFR 1 <br> Month+3.18%)±<br>| 7.50 | &nbsp;&nbsp; 4-13-2029 | 1345474 | &nbsp;&nbsp; **1335222** |
| **Technology: 2.74%** |  |  |  |  |
| **Computers: 0.23%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; McAfee Corp. (U.S. SOFR 1 Month+3.00%)± | 7.32 | &nbsp;&nbsp; 3-1-2029 | 671305 | &nbsp;&nbsp; **628509** |
| **Software: 2.51%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Applied Systems, Inc. (U.S. SOFR 3 Month+2.75%)± | 7.05 | &nbsp;&nbsp; 2-24-2031 | 2766238 | &nbsp;&nbsp; 2758548 |
| &nbsp;&nbsp;&nbsp; Athenahealth Group, Inc. (U.S. SOFR 1 Month+3.00%)± | 7.32 | &nbsp;&nbsp; 2-15-2029 | 1052261 | &nbsp;&nbsp; 1041907 |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc. (U.S. SOFR 3 Month+3.50%)± | 7.80 | &nbsp;&nbsp; 3-30-2029 | 987954 | &nbsp;&nbsp; 975377 |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc. (U.S. SOFR 3 Month+3.75%)± | 8.05 | &nbsp;&nbsp; 3-21-2031 | 341982 | &nbsp;&nbsp; 337762 |
| &nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc. (U.S. SOFR 1 Month+4.75%)± | 9.07 | &nbsp;&nbsp; 11-22-2032 | 500000 | &nbsp;&nbsp; 499375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Genesys Cloud Services, Inc. (U.S. SOFR 1 <br> Month+2.50%)±<br>| 6.82 | &nbsp;&nbsp; 1-30-2032 | 523687 | &nbsp;&nbsp; 515942 |
| &nbsp;&nbsp;&nbsp; Rocket Software, Inc. (U.S. SOFR 1 Month+4.25%)± | 8.57 | &nbsp;&nbsp; 11-28-2028 | 757350 | &nbsp;&nbsp; 751458 |
|  |  |  |  | &nbsp;&nbsp; **6880369** |
| **Total loans (Cost $50,913,999)** |  |  |  | &nbsp;&nbsp; **49792393** |
| **Non-agency mortgage-backed securities: 7.62%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Banc of America Funding Trust Series 2005-5 Class 1A1 | 5.50 | &nbsp;&nbsp; 9-25-2035 | 45445 | &nbsp;&nbsp; 45598 |
| &nbsp;&nbsp;&nbsp; Banc of America Funding Trust Series 2005-D Class A1±± | 5.69 | &nbsp;&nbsp; 5-25-2035 | 77896 | &nbsp;&nbsp; 71107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banc of America Mortgage Trust Series 2003-C <br> Class 1A1±±<br>| 6.87 | &nbsp;&nbsp; 4-25-2033 | 168850 | &nbsp;&nbsp; 89012 |
| &nbsp;&nbsp;&nbsp; Bank Series 2017-BNK6 Class D144A | 3.10 | &nbsp;&nbsp; 7-15-2060 | 1000000 | &nbsp;&nbsp; 809846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX Commercial Mortgage Trust Series 2021-VOLT Class B <br> (U.S. SOFR 1 Month+1.06%)144A±<br>| 5.39 | &nbsp;&nbsp; 9-15-2036 | 1000000 | &nbsp;&nbsp; 989375 |
| &nbsp;&nbsp;&nbsp; BX Trust Series 2019-OC11 Class D144A±± | 4.08 | &nbsp;&nbsp; 12-9-2041 | 700000 | &nbsp;&nbsp; 649139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX Trust Series 2021-ARIA Class A (U.S. SOFR 1 <br> Month+1.01%)144A±<br>| 5.34 | &nbsp;&nbsp; 10-15-2036 | 1000000 | &nbsp;&nbsp; 992500 |

---

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

22 \| Allspring Multi-Sector Income Fund

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Non-agency mortgage-backed securities**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX Trust Series 2021-ARIA Class D (U.S. SOFR 1 <br> Month+2.01%)144A±<br>| 6.33<br> %<br>| &nbsp;&nbsp; 10-15-2036 | $525000 | &nbsp;&nbsp; $519750 |
| &nbsp;&nbsp;&nbsp; BX Trust Series 2022-CLS Class C144A | 6.79 | &nbsp;&nbsp; 10-13-2027 | 750000 | &nbsp;&nbsp; 734031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX Trust Series 2024-BIO Class A (U.S. SOFR 1 <br> Month+1.64%)144A±<br>| 5.96 | &nbsp;&nbsp; 2-15-2041 | 1000000 | &nbsp;&nbsp; 992500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX Trust Series 2024-BIO Class C (U.S. SOFR 1 <br> Month+2.64%)144A±<br>| 6.96 | &nbsp;&nbsp; 2-15-2041 | 449000 | &nbsp;&nbsp; 441143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BX Trust Series 2025-VLT6 Class B (U.S. SOFR 1 <br> Month+1.89%)144A±<br>| 6.21 | &nbsp;&nbsp; 3-15-2042 | 1000000 | &nbsp;&nbsp; 988125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BXP Trust Series 2017-CQHP Class A (U.S. SOFR 1 <br> Month+0.90%)144A±<br>| 5.22 | &nbsp;&nbsp; 11-15-2034 | 344340 | &nbsp;&nbsp; 331034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CHL Mortgage Pass-Through Trust Series 2003-48 <br> Class 2A2±±<br>| 7.12 | &nbsp;&nbsp; 10-25-2033 | 15879 | &nbsp;&nbsp; 8000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Commercial Mortgage Trust Series 2012-GC8 <br> Class C144A±±<br>| 5.29 | &nbsp;&nbsp; 9-10-2045 | 813776 | &nbsp;&nbsp; 763647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse First Boston Mortgage Securities Corp. <br> Series 2002-AR25 Class 1A1±±<br>| 4.46 | &nbsp;&nbsp; 9-25-2032 | 126862 | &nbsp;&nbsp; 111679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse First Boston Mortgage Securities Corp. <br> Series 2003-AR15 Class 3A1±±<br>| 7.31 | &nbsp;&nbsp; 6-25-2033 | 11577 | &nbsp;&nbsp; 11671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Suisse First Boston Mortgage Securities Corp. <br> Series 2003-AR9 Class 2A2±±<br>| 6.29 | &nbsp;&nbsp; 3-25-2033 | 6467 | &nbsp;&nbsp; 6347 |
| &nbsp;&nbsp;&nbsp; CSMC Trust Series 2014-USA Class D144A | 4.37 | &nbsp;&nbsp; 9-15-2037 | 750000 | &nbsp;&nbsp; 567061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global Mortgage Securitization Ltd. Series 2004-A Class A2 <br> (U.S. SOFR 1 Month+0.43%)144A±<br>| 4.76 | &nbsp;&nbsp; 11-25-2032 | 8239 | &nbsp;&nbsp; 8070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust Series 2020-DUNE <br> Class D (U.S. SOFR 1 Month+2.16%)144A±<br>| 6.49 | &nbsp;&nbsp; 12-15-2036 | 923628 | &nbsp;&nbsp; 895597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Corp. Trust Series 2021-DM Class A <br> (U.S. SOFR 1 Month+1.00%)144A±<br>| 5.32 | &nbsp;&nbsp; 11-15-2036 | 1000000 | &nbsp;&nbsp; 986912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust Series 2010-C1 <br> Class X144Aƒ±±<br>| 0.54 | &nbsp;&nbsp; 8-10-2043 | 640061 | &nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust Series 2019-GSA1 Class C±± | 3.93 | &nbsp;&nbsp; 11-10-2052 | 1000000 | &nbsp;&nbsp; 892504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudson's Bay Simon JV Trust Series 2015-HB10 <br> Class A10144A<br>| 4.15 | &nbsp;&nbsp; 8-5-2034 | 1000000 | &nbsp;&nbsp; 987696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMBB Commercial Mortgage Securities Trust Series 2013-<br> C15 Class D144A±±<br>| 4.76 | &nbsp;&nbsp; 11-15-2045 | 213678 | &nbsp;&nbsp; 181434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust <br> Series 2019-OSB Class A144A<br>| 3.40 | &nbsp;&nbsp; 6-5-2039 | 1000000 | &nbsp;&nbsp; 938433 |
| &nbsp;&nbsp;&nbsp; JPMorgan Mortgage Trust Series 2004-A3 Class 3A3±± | 6.02 | &nbsp;&nbsp; 7-25-2034 | 3923 | &nbsp;&nbsp; 3803 |
| &nbsp;&nbsp;&nbsp; JPMorgan Mortgage Trust Series 2005-A3 Class 11A2±± | 6.67 | &nbsp;&nbsp; 6-25-2035 | 48664 | &nbsp;&nbsp; 48043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MASTR Adjustable Rate Mortgages Trust Series 2003-6 <br> Class 3A1±±<br>| 4.32 | &nbsp;&nbsp; 12-25-2033 | 9179 | &nbsp;&nbsp; 9069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MASTR Adjustable Rate Mortgages Trust Series 2003-6 <br> Class 4A2±±<br>| 4.41 | &nbsp;&nbsp; 1-25-2034 | 1560 | &nbsp;&nbsp; 1500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MASTR Adjustable Rate Mortgages Trust Series 2004-13 <br> Class 3A7±±<br>| 6.37 | &nbsp;&nbsp; 11-21-2034 | 2542 | &nbsp;&nbsp; 2377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MCR Mortgage Trust Series 2024-HF1 Class A (U.S. SOFR 1 <br> Month+1.79%)144A±<br>| 6.11 | &nbsp;&nbsp; 12-15-2041 | 1000000 | &nbsp;&nbsp; 998750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merrill Lynch Mortgage Investors Trust Series 2003-G <br> Class A2 (U.S. SOFR 6 Month+1.11%)±<br>| 5.54 | &nbsp;&nbsp; 1-25-2029 | 7745 | &nbsp;&nbsp; 7531 |

---

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

Allspring Multi-Sector Income Fund \| 23

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Non-agency mortgage-backed securities**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; MFA Trust Series 2022-NQM1 Class M1144A±± | 4.26<br> %<br>| &nbsp;&nbsp; 12-25-2066 | $1000000 | &nbsp;&nbsp; $853611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Capital I Trust Series 2014-150E <br> Class A144A<br>| 3.91 | &nbsp;&nbsp; 9-9-2032 | 1000000 | &nbsp;&nbsp; 886969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley Mortgage Loan Trust Series 2004-4 <br> Class 2A±±<br>| 6.21 | &nbsp;&nbsp; 9-25-2034 | 7649 | &nbsp;&nbsp; 7438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; One New York Plaza Trust Series 2020-1NYP Class A <br> (U.S. SOFR 1 Month+1.06%)144A±<br>| 5.39 | &nbsp;&nbsp; 1-15-2036 | 1000000 | &nbsp;&nbsp; 965000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SDAL Trust Series 2025-DAL Class B (U.S. SOFR 1 <br> Month+2.94%)144A±<br>| 7.24 | &nbsp;&nbsp; 4-15-2042 | 1000000 | &nbsp;&nbsp; 998432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust Series 2003-1 Class 1A (U.S. SOFR <br> 1 Month+0.87%)±<br>| 5.19 | &nbsp;&nbsp; 4-20-2033 | 2059 | &nbsp;&nbsp; 1917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SFAVE Commercial Mortgage Securities Trust Series 2015-<br> 5AVE Class D144A±±<br>| 4.53 | &nbsp;&nbsp; 1-5-2043 | 1000000 | &nbsp;&nbsp; 789002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SREIT Trust Series 2021-PALM Class B (U.S. SOFR 1 <br> Month+0.92%)144A±<br>| 5.25 | &nbsp;&nbsp; 10-15-2034 | 1000000 | &nbsp;&nbsp; 993125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Structured Adjustable Rate Mortgage Loan Trust <br> Series 2004-2 Class 2A±±<br>| 3.73 | &nbsp;&nbsp; 3-25-2034 | 8220 | &nbsp;&nbsp; 7530 |
| &nbsp;&nbsp;&nbsp; Vendee Mortgage Trust Series 2003-2ƒ±± | 0.39 | &nbsp;&nbsp; 5-15-2033 | 786054 | &nbsp;&nbsp; 8697 |
| &nbsp;&nbsp;&nbsp; Verus Securitization Trust Series 2021-1 Class A2144A±± | 1.05 | &nbsp;&nbsp; 1-25-2066 | 246265 | &nbsp;&nbsp; 217611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Washington Mutual MSC Mortgage Pass-Through <br> Certificates Trust Series 2004-RA4 Class 3A<br>| 7.50 | &nbsp;&nbsp; 7-25-2034 | 47562 | &nbsp;&nbsp; 49294 |
| &nbsp;&nbsp; **Total non-agency mortgage-backed securities** <br> **(Cost $22,118,429)**<br>|  |  |  | &nbsp;&nbsp; **20861980** |
| **Yankee corporate bonds and notes: 11.90%** |  |  |  |  |
| **Communications: 2.84%** |  |  |  |  |
| **Internet: 1.14%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Prosus NV144A | 4.19 | &nbsp;&nbsp; 1-19-2032 | 1000000 | &nbsp;&nbsp; 910948 |
| &nbsp;&nbsp;&nbsp; Rakuten Group, Inc.144A | 9.75 | &nbsp;&nbsp; 4-15-2029 | 1155000 | &nbsp;&nbsp; 1218306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rakuten Group, Inc. (5 Year Treasury Constant <br> Maturity+4.25%)144Aʊ±<br>| 8.13 | &nbsp;&nbsp; 12-15-2029 | 1035000 | &nbsp;&nbsp; 973522 |
|  |  |  |  | &nbsp;&nbsp; **3102776** |
| **Media: 0.68%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Virgin Media Secured Finance PLC144A | 4.50 | &nbsp;&nbsp; 8-15-2030 | 1190000 | &nbsp;&nbsp; 1069711 |
| &nbsp;&nbsp;&nbsp; Virgin Media Vendor Financing Notes IV DAC144A | 5.00 | &nbsp;&nbsp; 7-15-2028 | 205000 | &nbsp;&nbsp; 198266 |
| &nbsp;&nbsp;&nbsp; VZ Secured Financing BV144A | 5.00 | &nbsp;&nbsp; 1-15-2032 | 685000 | &nbsp;&nbsp; 597762 |
|  |  |  |  | &nbsp;&nbsp; **1865739** |
| **Telecommunications: 1.02%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc. (5 Year Treasury Constant <br> Maturity+2.62%)±<br>| 7.13 | &nbsp;&nbsp; 4-15-2055 | 1170000 | &nbsp;&nbsp; 1165758 |
| &nbsp;&nbsp;&nbsp; Telecom Italia Capital SA | 7.20 | &nbsp;&nbsp; 7-18-2036 | 605000 | &nbsp;&nbsp; 619395 |
| &nbsp;&nbsp;&nbsp; Zegona Finance PLC144A | 8.63 | &nbsp;&nbsp; 7-15-2029 | 950000 | &nbsp;&nbsp; 1010249 |
|  |  |  |  | &nbsp;&nbsp; **2795402** |

---

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

24 \| Allspring Multi-Sector Income Fund

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Consumer, cyclical: 2.37%** |  |  |  |  |
| **Airlines: 1.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Air Canada Pass-Through Trust Series 2020-1 Class C144A | 10.50<br> %<br>| &nbsp;&nbsp; 7-15-2026 | $2276000 | &nbsp;&nbsp; $2389800 |
| &nbsp;&nbsp;&nbsp; Latam Airlines Group SA144A | 7.88 | &nbsp;&nbsp; 4-15-2030 | 615000 | &nbsp;&nbsp; 601931 |
|  |  |  |  | &nbsp;&nbsp; **2991731** |
| **Entertainment: 0.57%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Banijay Entertainment SASU144A | 8.13 | &nbsp;&nbsp; 5-1-2029 | 1100000 | &nbsp;&nbsp; 1127285 |
| &nbsp;&nbsp;&nbsp; GENM Capital Labuan Ltd.144A | 3.88 | &nbsp;&nbsp; 4-19-2031 | 500000 | &nbsp;&nbsp; 442708 |
|  |  |  |  | &nbsp;&nbsp; **1569993** |
| **Leisure time: 0.71%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Carnival Corp.144A | 6.00 | &nbsp;&nbsp; 5-1-2029 | 465000 | &nbsp;&nbsp; 462260 |
| &nbsp;&nbsp;&nbsp; Carnival Corp.144A | 6.13 | &nbsp;&nbsp; 2-15-2033 | 575000 | &nbsp;&nbsp; 570138 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.144A | 5.63 | &nbsp;&nbsp; 9-30-2031 | 230000 | &nbsp;&nbsp; 228232 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.144A | 6.25 | &nbsp;&nbsp; 3-15-2032 | 660000 | &nbsp;&nbsp; 669892 |
|  |  |  |  | &nbsp;&nbsp; **1930522** |
| **Consumer, non-cyclical: 1.72%** |  |  |  |  |
| **Cosmetics/Personal Care: 0.55%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Opal Bidco SAS144A | 6.50 | &nbsp;&nbsp; 3-31-2032 | 680000 | &nbsp;&nbsp; 680171 |
| &nbsp;&nbsp;&nbsp; Perrigo Finance Unlimited Co. | 6.13 | &nbsp;&nbsp; 9-30-2032 | 840000 | &nbsp;&nbsp; 833821 |
|  |  |  |  | &nbsp;&nbsp; **1513992** |
| **Healthcare-products: 0.20%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bausch & Lomb Corp.144A | 8.38 | &nbsp;&nbsp; 10-1-2028 | 535000 | &nbsp;&nbsp; **555758** |
| **Pharmaceuticals: 0.97%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd.144A | 10.00 | &nbsp;&nbsp; 4-15-2032 | 1430000 | &nbsp;&nbsp; 1400219 |
| &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc.144A | 11.00 | &nbsp;&nbsp; 9-30-2028 | 280000 | &nbsp;&nbsp; 263312 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV | 8.13 | &nbsp;&nbsp; 9-15-2031 | 900000 | &nbsp;&nbsp; 990888 |
|  |  |  |  | &nbsp;&nbsp; **2654419** |
| **Energy: 0.65%** |  |  |  |  |
| **Oil & gas: 0.48%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Baytex Energy Corp.144A | 8.50 | &nbsp;&nbsp; 4-30-2030 | 350000 | &nbsp;&nbsp; 325232 |
| &nbsp;&nbsp;&nbsp; Borr IHC Ltd./Borr Finance LLC144A | 10.00 | &nbsp;&nbsp; 11-15-2028 | 630244 | &nbsp;&nbsp; 536022 |
| &nbsp;&nbsp;&nbsp; Saturn Oil & Gas, Inc.144A | 9.63 | &nbsp;&nbsp; 6-15-2029 | 498000 | &nbsp;&nbsp; 451272 |
|  |  |  |  | &nbsp;&nbsp; **1312526** |
| **Pipelines: 0.17%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Northriver Midstream Finance LP144A | 6.75 | &nbsp;&nbsp; 7-15-2032 | 470000 | &nbsp;&nbsp; **467045** |
| **Financial: 2.68%** |  |  |  |  |
| **Banks: 1.59%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ABN AMRO Bank NV144A | 4.80 | &nbsp;&nbsp; 4-18-2026 | 750000 | &nbsp;&nbsp; 747228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco del Estado de Chile (5 Year Treasury Constant <br> Maturity+3.23%)144Aʊ±<br>| 7.95 | &nbsp;&nbsp; 5-2-2029 | 530000 | &nbsp;&nbsp; 548080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas SA (5 Year Treasury Constant <br> Maturity+3.73%)144Aʊ±<br>| 8.00 | &nbsp;&nbsp; 8-22-2031 | 395000 | &nbsp;&nbsp; 407841 |

---

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

Allspring Multi-Sector Income Fund \| 25

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Banks**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Macquarie Group Ltd. (U.S. SOFR+2.21%)144A± | 5.11<br> %<br>| &nbsp;&nbsp; 8-9-2026 | $1000000 | &nbsp;&nbsp; $1000785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (5 Year Treasury Constant <br> Maturity+2.35%)±<br>| 3.03 | &nbsp;&nbsp; 11-28-2035 | 1000000 | &nbsp;&nbsp; 884897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (5 Year Treasury Constant <br> Maturity+3.40%)144Aʊ±<br>| 4.88 | &nbsp;&nbsp; 2-12-2027 | 495000 | &nbsp;&nbsp; 473263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 5 <br> Year+4.16%)144Aʊ±<br>| 7.75 | &nbsp;&nbsp; 4-12-2031 | 290000 | &nbsp;&nbsp; 296682 |
|  |  |  |  | &nbsp;&nbsp; **4358776** |
| **Diversified financial services: 0.58%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust (5 <br> Year Treasury Constant Maturity+2.72%)±<br>| 6.95 | &nbsp;&nbsp; 3-10-2055 | 515000 | &nbsp;&nbsp; 517141 |
| &nbsp;&nbsp;&nbsp; GGAM Finance Ltd.144A | 5.88 | &nbsp;&nbsp; 3-15-2030 | 1065000 | &nbsp;&nbsp; 1057577 |
|  |  |  |  | &nbsp;&nbsp; **1574718** |
| **Insurance: 0.51%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd. | 4.85 | &nbsp;&nbsp; 4-17-2028 | 750000 | &nbsp;&nbsp; 755683 |
| &nbsp;&nbsp;&nbsp; Sompo International Holdings Ltd. | 7.00 | &nbsp;&nbsp; 7-15-2034 | 575000 | &nbsp;&nbsp; 639573 |
|  |  |  |  | &nbsp;&nbsp; **1395256** |
| **Industrial: 1.13%** |  |  |  |  |
| **Aerospace/defense: 0.41%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bombardier, Inc.144A | 8.75 | &nbsp;&nbsp; 11-15-2030 | 1050000 | &nbsp;&nbsp; **1125086** |
| **Electronics: 0.31%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sensata Technologies BV144A | 5.88 | &nbsp;&nbsp; 9-1-2030 | 875000 | &nbsp;&nbsp; **851573** |
| **Engineering & construction: 0.19%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CIMIC Finance USA Pty. Ltd.144A | 7.00 | &nbsp;&nbsp; 3-25-2034 | 500000 | &nbsp;&nbsp; **520913** |
| **Machinery-diversified: 0.02%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TK Elevator Holdco GmbH144A | 7.63 | &nbsp;&nbsp; 7-15-2028 | 60000 | &nbsp;&nbsp; **60103** |
| **Packaging & containers: 0.20%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Trivium Packaging Finance BV144A | 8.50 | &nbsp;&nbsp; 8-15-2027 | 540000 | &nbsp;&nbsp; **533726** |
| **Utilities: 0.51%** |  |  |  |  |
| **Electric: 0.37%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp. (5 Year Treasury Constant <br> Maturity+3.25%)±<br>| 4.75 | &nbsp;&nbsp; 1-18-2082 | 1075000 | &nbsp;&nbsp; **1009172** |
| **Water: 0.14%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Veolia Environnement SA | 6.75 | &nbsp;&nbsp; 6-1-2038 | 350000 | &nbsp;&nbsp; **384377** |
| **Total yankee corporate bonds and notes (Cost $33,476,872)** |  |  |  | &nbsp;&nbsp; **32573603** |

---

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

26 \| Allspring Multi-Sector Income Fund

------

Portfolio of investments—April 30, 2025 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Yankee government bonds: 0.27%** |  |  |  |  |
| **Trinidad and Tobago: 0.27%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Trinidad & Tobago144A | 4.50<br> %<br>| &nbsp;&nbsp; 8-4-2026 | $750000 | &nbsp;&nbsp; **$735672** |
| **Total yankee government bonds (Cost $748,970)** |  |  |  | &nbsp;&nbsp; **735672** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares |  |
| **Short-term investments: 4.28%** |  |  |  |  |
| **Investment companies: 4.28%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund Select <br> Class♠∞##<br>|  | 4.26 | 11702512 | &nbsp;&nbsp; **11702512** |
| **Total short-term investments (Cost $11,702,512)** |  |  |  | &nbsp;&nbsp; **11702512** |
| **Total investments in securities (Cost $398,503,280)** | 143.02<br> %<br>|  |  | &nbsp;&nbsp; 391398499 |
| &nbsp;&nbsp;&nbsp; Other assets and liabilities, net | (43.02)<br>|  |  | &nbsp;&nbsp; (117728566)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$273669933** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| Variable rate investment. The rate shown is the rate in effect at period end. |
| 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 <br> notional amount of the underlying mortgages. The rate represents the coupon rate.<br>|
| 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 <br> and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end.<br>|
| The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| Non-income-earning security |
| Security is valued using significant unobservable inputs. |
| ¥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. <br> The rate shown is the rate in effect at period end.<br>|
| The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
| The security is purchased on a when-issued basis. |
| Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
| 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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Abbreviations: | Abbreviations: |
| BDC | Business Development Company |
| BRL | Brazilian real |
| CLO | Collateralized loan obligation |
| COP | Colombian peso |
| FHLMC | Federal Home Loan Mortgage Corporation |
| FNMA | Federal National Mortgage Association |
| GBP | Great British pound |
| GNMA | Government National Mortgage Association |
| HUF | Hungarian forint |
| IDR | Indonesian rupiah |
| INR | Indian rupee |
| LIBOR | London Interbank Offered Rate |
| MXN | Mexican peso |
| NZD | New Zealand dollar |
| REIT | Real estate investment trust |
| RON | Romanian lei |
| SOFR | Secured Overnight Financing Rate |
| ZAR | South African rand |

---

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

Allspring Multi-Sector Income Fund \| 27

------

Portfolio of investments—April 30, 2025 (unaudited)

**Investments in affiliates**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Value, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund Select <br> Class<br>| $15973967 | $63922183 | $(68193638)<br>| $0 | $0 | $11702512 | 11702512 | $280504 |

---

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

28 \| Allspring Multi-Sector Income Fund

------

Statement of assets and liabilities—April 30, 2025 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $386,800,768) | $379695987 |
| Investments in affiliated securities, at value (cost $11,702,512) | 11702512 |
| Cash | 877 |
| Foreign currency, at value (cost $264,677) | 265506 |
| Receivable for interest | 6282579 |
| Receivable for investments sold | 2744780 |
| Principal paydown receivable | 2696 |
| Prepaid expenses and other assets | 20224 |
| **Total assets** | **400715161** |
| Liabilities |  |
| Secured borrowing payable | 119000000 |
| Payable for investments purchased | 4898894 |
| Dividends payable | 2046528 |
| Payable for when-issued transactions | 573619 |
| Advisory fee payable | 175938 |
| Administration fee payable | 15994 |
| Contingent tax liability | 12837 |
| Trustees' fees and expenses payable | 5388 |
| Accrued expenses and other liabilities | 316030 |
| **Total liabilities** | **127045228** |
| **Total net assets**  | **$273669933** |
| Net assets consist of |  |
| Paid-in capital | $364879130 |
| Total distributable loss | (91209197)<br>|
| **Total net assets** | **$273669933** |
| Net asset value per share |  |
| Based on $273,669,933 divided by 28,053,801 shares issued and outstanding (100,000,000 shares authorized) | $9.76 |

---

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, 2025 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest (net of foreign withholding taxes of $52,564) | $14315165 |
| Income from affiliated securities | 280504 |
| Dividends | 2540 |
| **Total investment income** | **14598209** |
| Expenses |  |
| Advisory fee | 1076215 |
| Administration fee | 97838 |
| Custody and accounting fees | 28300 |
| Professional fees | 90728 |
| Shareholder report expenses | 41300 |
| Trustees' fees and expenses | 6512 |
| Transfer agent fees | 16215 |
| Interest expense | 3095948 |
| Other fees and expenses | 19117 |
| **Total expenses** | **4472173** |
| **Net investment income** | **10126036** |
| Realized and unrealized gains (losses) on investments |  |
| Net realized losses on |  |
| &nbsp;&nbsp; Unaffiliated securities | (2807259)<br>|
| &nbsp;&nbsp; Foreign currency and foreign currency translations | (142553)<br>|
| **Net realized losses on investments** | **(2949812)**<br>|
| Net change in unrealized gains (losses) on |  |
| &nbsp;&nbsp; Unaffiliated securities (net of deferred foreign capital gains tax of $2,469) | (670330)<br>|
| &nbsp;&nbsp; Foreign currency and foreign currency translations | 145816 |
| &nbsp;&nbsp; Unfunded loan commitments | (498)<br>|
| **Net change in unrealized gains (losses) on investments** | **(525012)**<br>|
| **Net realized and unrealized gains (losses) on investments** | **(3474824)**<br>|
| **Net increase in net assets resulting from operations** | **$6651212** |

---

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 <br>April 30, 2025 <br>(unaudited) | &nbsp;&nbsp; Year ended <br>October 31, 2024 |
| Operations |  |  |
| Net investment income | &nbsp;&nbsp; $10126036 | &nbsp;&nbsp; $20456753 |
| Net realized losses on investments | &nbsp;&nbsp; (2949812)<br>| &nbsp;&nbsp; (6221673)<br>|
| Net change in unrealized gains (losses) on investments | &nbsp;&nbsp; (525012)<br>| &nbsp;&nbsp; 23715006 |
| **Net increase in net assets resulting from operations** | &nbsp;&nbsp; **6651212** | &nbsp;&nbsp; **37950086** |
| Distributions to shareholders from |  |  |
| Net investment income and net realized gains | &nbsp;&nbsp; (12064257)<br>| &nbsp;&nbsp; (20816567)<br>|
| Tax basis return of capital | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (1236854)<br>|
| **Total distributions to shareholders** | &nbsp;&nbsp; **(12064257)**<br>| &nbsp;&nbsp; **(22053421)**<br>|
| Capital share transactions |  |  |
| &nbsp;&nbsp; Cost of shares repurchased | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (110621)<br>|
| **Total increase (decrease) in net assets** | &nbsp;&nbsp; **(5413045)**<br>| &nbsp;&nbsp; **15786044** |
| Net assets |  |  |
| **Beginning of period** | &nbsp;&nbsp; **279082978** | &nbsp;&nbsp; **263296934** |
| **End of period** | &nbsp;&nbsp; **$273669933** | &nbsp;&nbsp; **$279082978** |

---

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, 2025 (unaudited)

Statement of cash flows

---

| | |
|:---|:---|
| Cash flows from operating activities |  |
| Net increase in net assets resulting from operations | $6651212 |
| Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities |  |
| Purchases of long-term securities | (81609943)<br>|
| Proceeds from the sales of long-term securities | 79426721 |
| Amortization, net | (785006)<br>|
| Purchases and sales of short-term securities, net | 3918735 |
| Increase in receivable for investments sold | (1020771)<br>|
| Increase in principal paydown receivable | (1004)<br>|
| Decrease in receivable for interest | 669215 |
| Decrease in prepaid expenses and other assets | 11828 |
| Increase in payable for investments purchased | 1175352 |
| Increase in trustees' fees and expenses payable | 1169 |
| Decrease in advisory fee payable | (10665)<br>|
| Decrease in administration fee payable | (970)<br>|
| Increase in accrued expenses and other liabilities | 6700 |
| Proceeds from foreign currency transactions | 3263 |
| Net realized losses on unaffiliated securities | 2807259 |
| Net realized losses on foreign currency and foreign currency translations | 142553 |
| Net change in unrealized (gains) losses on unaffiliated securities | 670330 |
| Net change in unrealized (gains) losses on foreign currency and foreign currency translations | (145816)<br>|
| Net change in unrealized (gains) losses on unfunded loan commitments | 498 |
| **Net cash provided by operating activities** | **11910660** |
| Cash flows from financing activities |  |
| Cash distributions paid | (11878813)<br>|
| **Net cash used in financing activities** | **(11878813)**<br>|
| **Net increase in cash** | **31847** |
| Cash (including foreign currency) |  |
| Beginning of period | 234536 |
| **End of period\*** <br>| **$266383** |
| Supplemental cash disclosure |  |
| Cash paid for interest | $3215793 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The ending balance is composed of Foreign currency, at value of $265,506 and Cash of $877 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)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 | Year ended October 31 |
|  | Six months ended <br>April 30, 2025 <br>(unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| **Net asset value, beginning of period** | **$9.95** | &nbsp;&nbsp; **$9.38** | &nbsp;&nbsp; **$9.47** | &nbsp;&nbsp; **$12.57** | &nbsp;&nbsp; **$12.14** | &nbsp;&nbsp; **$13.21** |
| Net investment income | 0.36 <br><sup>1</sup><br>| 0.73 <br><sup>1</sup><br>| 0.67 <br><sup>1</sup><br>| 0.73 <br><sup>1</sup><br>| 0.79 <br><sup>1</sup><br>| 0.76 <br><sup>1</sup><br>|
| Net realized and unrealized gains (losses) on investments | (0.12)<br>| 0.63 | 0.05 | &nbsp;&nbsp; (2.73)<br>| 0.75 | &nbsp;&nbsp; (0.86)<br>|
| Total from investment operations | 0.24 | 1.36 | 0.72 | &nbsp;&nbsp; (2.00)<br>| 1.54 | &nbsp;&nbsp; (0.10)<br>|
| **Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income | (0.43)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.65)<br>|
| &nbsp;&nbsp; Tax basis return of capital | 0.00 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.52)<br>|
| Total distributions to shareholders | (0.43)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (1.17)<br>|
| **Anti-dilutive effect of shares repurchased** | **0.00** | **0.00** <br><sup>2</sup><br>| **0.00** | **0.00** <br><sup>2</sup><br>| **0.01** | **0.20** |
| **Net asset value, end of period** | **$9.76** | &nbsp;&nbsp; **$9.95** | &nbsp;&nbsp; **$9.38** | &nbsp;&nbsp; **$9.47** | &nbsp;&nbsp; **$12.57** | &nbsp;&nbsp; **$12.14** |
| **Market value, end of period** | **$9.20** | &nbsp;&nbsp; **$9.13** | &nbsp;&nbsp; **$8.70** | &nbsp;&nbsp; **$8.97** | &nbsp;&nbsp; **$13.34** | &nbsp;&nbsp; **$10.85** |
| **Total return based on market value**<sup>3</sup> <br>| **5.55%**<br>| **14.20%**<br>| **5.74%**<br>| &nbsp;&nbsp; **(25.38)%**<br>| **34.28%**<br>| &nbsp;&nbsp; **(5.09)%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses\* <br>| 3.27<br> %<br>| 3.58<br> %<br>| 3.40<br> %<br>| 1.64<br> %<br>| 1.19<br> %<br>| 1.75<br> %<br>|
| &nbsp;&nbsp; Net investment income\* <br>| 7.41<br> %<br>| 7.31<br> %<br>| 6.88<br> %<br>| 6.71<br> %<br>| 6.14<br> %<br>| 6.15<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp; Portfolio turnover rate | 18<br> %<br>| &nbsp;&nbsp; 46<br> %<br>| &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 47<br> %<br>| &nbsp;&nbsp; 36<br> %<br>|
| &nbsp;&nbsp; Net assets, end of period (000s omitted) | $273670 | &nbsp;&nbsp; $279083 | &nbsp;&nbsp; $263297 | &nbsp;&nbsp; $265673 | &nbsp;&nbsp; $352941 | &nbsp;&nbsp; $344553 |
| &nbsp;&nbsp; Borrowings outstanding, end of period (000s omitted) | $119000 | &nbsp;&nbsp; $119000 | &nbsp;&nbsp; $119000 | &nbsp;&nbsp; $119000 | &nbsp;&nbsp; $139000 | &nbsp;&nbsp; $139000 |
| &nbsp;&nbsp; Asset coverage per $1,000 of borrowing, end of period | $3300 | &nbsp;&nbsp; $3345 | &nbsp;&nbsp; $3213 | &nbsp;&nbsp; $3233 | &nbsp;&nbsp; $3539 | &nbsp;&nbsp; $3479 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Six months ended April 30, 2025 (unaudited) | 2.27% |
| 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% |
| Year ended October 31, 2020 | 0.80% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Amount is less than $0.005.

<sup>3</sup> 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. 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.

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

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, 2025, the aggregate cost of all investments for federal income tax purposes was $400,223,619 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $6721833 |
| Gross unrealized losses | &nbsp;&nbsp; (15546953)<br>|
| **Net unrealized losses** | &nbsp;&nbsp; **$(8825120)**<br>|

---

As of October 31, 2024, the Fund had capital loss carryforwards which consisted of $18,940,083 in short-term capital losses and $56,802,250 in long-term capital losses.

Allspring Multi-Sector Income Fund \| 35

------

Notes to financial statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Agency securities** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $260442 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $260442 |
| **Asset-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 13995370 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 13995370 |
| **Common stocks** |  |  |  |  |
| *Communication services* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 3546 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 3546 |
| *Energy* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 1668212 | &nbsp;&nbsp;&nbsp;&nbsp; 1668212 |
| *Investment Companies* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 240462 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 240462 |
| *Utilities* | &nbsp;&nbsp; 485335 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 485335 |
| **Corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 176627579 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 176627579 |
| **Foreign corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 31549036 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 31549036 |
| **Foreign government bonds** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 50902357 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 50902357 |
| **Loans** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 45838074 | &nbsp;&nbsp;&nbsp;&nbsp; 3954319 | &nbsp;&nbsp;&nbsp;&nbsp; 49792393 |
| **Non-agency mortgage-backed securities** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 20861980 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 20861980 |
| **Yankee corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 32573603 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 32573603 |
| **Yankee government bonds** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 735672 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 735672 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 11702512 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 11702512 |
| **Total assets** | &nbsp;&nbsp; **$12187847** | &nbsp;&nbsp;&nbsp; **$373588121** | &nbsp;&nbsp;&nbsp; **$5622531** | &nbsp;&nbsp;&nbsp; **$391398499** |

---

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, <br>beginning <br>of <br>period<br>| Net <br>Purchases<br>| Net <br>Sales/ <br>Settlements<br>| Accrued <br>Discounts <br>(Premiums)<br>| Realized <br>Gains <br>(Losses)<br>| Net <br>Change in <br>Unrealized <br>gains <br>(losses)<br>| Transfers <br>into <br>Level 3<br>| Transfers <br>out <br>of Level 3<br>| Balance, <br>end of <br>period<br>|
| **Investments in:** | **Investments in:** | **Investments in:** | **Investments in:** | **Investments in:** | **Investments in:** | **Investments in:** | **Investments in:** | **Investments in:** | **Investments in:** |
| &nbsp;&nbsp;&nbsp; Common stocks | $93513 | $745727 | $0 | $0 | $0 | $1069434 | $0 | $(240462)<br>| $1668212 |
| &nbsp;&nbsp;&nbsp; Loans | 2634196 | 2731304 | (1896572)<br>| 12525 | 5744 | (115494)<br>| 582616 | 0 | 3954319 |
|  | 2727709 | 3477031 | (1896572)<br>| 12525 | 5744 | 953940 | 582616 | (240462)<br>| 5622531 |

---

36 \| Allspring Multi-Sector Income Fund

------

Notes to financial statements (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; Net Change in <br> Unrealized <br>Gains (Losses) on <br> Investments <br>Held at <br>April 30, 2025<br>|
| **Investments in:** |  |
| &nbsp;&nbsp;&nbsp; Common stocks | &nbsp;&nbsp; $922485 |
| &nbsp;&nbsp;&nbsp; Loans | &nbsp;&nbsp; (79657)<br>|
|  | &nbsp;&nbsp; 842828 |

---

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.

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 subadvisers to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is a subadviser to the Fund and is entitled to receive a fee from Allspring Funds Management at an annual rate of 0.30% of the Fund's average daily total assets. Allspring Global Investments (UK) Limited, an affiliate of Allspring Funds Management and wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is also a subadviser to the Fund and is entitled to receive a fee from Allspring Funds Management at an annual rate of 0.10% of the Fund's average daily total assets.

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, 2025.

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, 2025 and year ended October 31, 2024, 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, 2025, the Fund did not repurchase any of its shares under the open-market share repurchase program. During the year ended October 31, 2024, the Fund purchased 12,490 of its shares on the open market at a total cost of $110,621.

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 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, 2025 approximates its fair value. If measured at fair value, the borrowings would be categorized as a Level 2 under the fair value hierarchy.

Allspring Multi-Sector Income Fund \| 37

------

Notes to financial statements (unaudited)

During the six months ended April 30, 2025, the Fund had average borrowings outstanding of $119,000,000 (on an annualized basis) at an average interest rate of 5.25% and recorded interest in the amount of $3,095,948, which represents 2.27% of its average daily net assets (on an annualized basis).

7. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended April 30, 2025 were $78,369,508 and $70,462,918, 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. 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 |
| &nbsp;&nbsp;&nbsp; April<br> 25, 2025<br>| &nbsp;&nbsp; May<br> 12, 2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; June<br> 2, 2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; $0.07247 |
| &nbsp;&nbsp;&nbsp; May<br> 29, 2025<br>| &nbsp;&nbsp; June<br> 12, 2025<br>| &nbsp;&nbsp;&nbsp;&nbsp; July<br> 1, 2025<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07229 |

---

These distributions are not reflected in the accompanying financial statements.

10. OPERATING SEGMENTS

The Fund has adopted FASB Accounting Standards Update 2023-07, *Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures* ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 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. For the periods presented, the Fund operated as a single operating segment. 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 revenue 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.

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.

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.

Recent amendments to the Fund's by-laws

On December 19, 2023, with subsequent additional amendments approved April 16, 2024, the Board of Trustees of the Fund approved the adoption of Amended and Restated By-Laws of the Fund (the "By-Laws"). The By-Laws, among other things, contain modified procedural and informational requirements in connection with any advance notice of shareholder proposals or nominations, including certain information about the proponent and the proposal, or in the case of a Trustee nomination, the nominee. Any shareholder considering making a Trustee nomination or other proposal should carefully review and comply with those provisions of the By-Laws. Furthermore, in determining whether a particular nominee is qualified to serve as a Trustee, the Board has an interest in the nominee's background, skills, experience and other attributes in light of the composition of the Board. The By-Laws now include qualifications and requirements for Trustee eligibility. Additionally, the By-Laws have changed the voting standard required for election as a Trustee. The By-Laws now provide that the affirmative vote of a majority of shares outstanding and entitled to vote in an election is required to elect a Trustee in a contested election with a plurality of shares outstanding required to elect a Trustee in an uncontested election. The new voting standard will apply to all future elections of Trustees. The foregoing discussion is only a high-level summary of certain aspects of the By-Laws and is qualified in its entirety by reference to the By-Laws. Shareholders should refer to the By-Laws for more information, which can be found in a Current Report on Form 8-K filed by the Fund with the Securities and Exchange Commission (available at www.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.

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.

Allspring Multi-Sector Income Fund \| 39

------

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 93 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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Name and <br>year of birth<br>| Position held and <br>length of service\* <br>| Principal occupations during past five years or longer | Current other <br>public company <br> or <br>investment <br>company <br>directorships<br>|
| **Class I - Independent Trustees to serve until 2026 Annual Meeting of Shareholders** | **Class I - Independent Trustees to serve until 2026 Annual Meeting of Shareholders** | **Class I - Independent Trustees to serve until 2026 Annual Meeting of Shareholders** | **Class I - Independent Trustees to serve until 2026 Annual Meeting of Shareholders** |
| &nbsp;&nbsp; Isaiah <br> Harris, Jr. <br>(Born 1952)<br>| Trustee, <br>since 2009<br>| Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of <br> CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, <br> Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and <br> Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to <br> 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the <br> Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of <br> Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private <br> school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public <br> accountant (inactive status).<br>| N/A |
| &nbsp;&nbsp; David F. <br> Larcker <br>(Born 1950)<br>| Trustee, <br>since 2009<br>| Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of <br> Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the <br> Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate <br> Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of <br> Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The <br> Wharton School, University of Pennsylvania from 1985 to 2005.<br>| N/A |
| &nbsp;&nbsp; Olivia S. <br> Mitchell <br>(Born 1953)<br>| Trustee, <br>since 2006<br>| International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the <br> University of Pennsylvania. Director of Wharton's Pension Research Council and Boettner Center <br> on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic <br> Research. Previously taught at Cornell University from 1978 to 1993.<br>| N/A |
| **Class II - Independent Trustees to serve until 2027 Annual Meeting of Shareholders** | **Class II - Independent Trustees to serve until 2027 Annual Meeting of Shareholders** | **Class II - Independent Trustees to serve until 2027 Annual Meeting of Shareholders** | **Class II - Independent Trustees to serve until 2027 Annual Meeting of Shareholders** |
| &nbsp;&nbsp; William R. <br> Ebsworth <br>(Born 1957)<br>| Trustee, <br>since 2015<br>| Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief <br> investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong <br> Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he <br> led a team of investment professionals managing client assets. Prior thereto, Board member of <br> Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International <br> Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life <br> Insurance Company. Serves on the Investment Company Institute's Board of Governors since <br> 2022 and Executive Committee since 2023; and Chair of the Governing Council of the <br> Independent Directors Council since 2024 and Vice Chair from 2023 to 2024. Audit Committee <br> Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit <br> organization). Mr. Ebsworth is a CFA charterholder.<br>| N/A |
| &nbsp;&nbsp; Jane A. <br> Freeman <br>(Born 1953)<br>| Trustee, <br>since 2015; <br>Audit Committee <br> Chair, <br>since 2025<br>| Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning <br> Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic <br> business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & <br> Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead <br> Independent Director and chair of the Audit Committee. Board member of the Russell Exchange <br> Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also <br> an inactive Chartered Financial Analyst.<br>| N/A |

---

\* Length of service dates reflect the Trustee's commencement of service with the Trust's predecessor entities, where applicable.

40 \| Allspring Multi-Sector Income Fund

------

Other information (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Name and<br> year of birth<br>| Position held and<br> length of service\*<br>| Principal occupations during past five years or longer | Current other<br> public company <br> or<br> investment<br> company<br> directorships<br>|
| **Class III - Independent Trustees to serve until 2028 Annual Meeting of Shareholders** | **Class III - Independent Trustees to serve until 2028 Annual Meeting of Shareholders** | **Class III - Independent Trustees to serve until 2028 Annual Meeting of Shareholders** | **Class III - Independent Trustees to serve until 2028 Annual Meeting of Shareholders** |
| &nbsp;&nbsp; Timothy J. <br> Penny <br>(Born 1951)<br>| Trustee, <br>since 1996; <br>Chair, <br>since 2018<br>| President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit <br> organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of <br> the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of <br> NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of <br> the University of Minnesota Humphrey Institute from 1995 to 2017.<br>| N/A |
| &nbsp;&nbsp; James G. <br> Polisson <br>(Born 1959)<br>| Trustee, <br>since 2018; <br>Nominating and <br> Governance <br> Committee Chair, <br>since 2024<br>| Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to <br> 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and <br> principal investing company. Chief Executive Officer and Managing Director at Russell <br> Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays <br> Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays <br> Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics' Institute, a non-<br> profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust <br> from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 <br> to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of <br> Columbia Bar Associations. <br>| N/A |
| &nbsp;&nbsp; Pamela <br> Wheelock <br>(Born 1959)<br>| Trustee, <br>since January 2020; <br>previously Trustee <br> from January 2018 to <br>July 2019; <br>Chair Liaison, <br>since <br>July 2024<br>| Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit <br> sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, <br> Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for <br> Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-<br> 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive <br> Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, <br> Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination <br> Medical Center Corporation. Board member of the Minnesota Wild Foundation from 2009-2024.<br>| 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)

Officers<sup>1</sup>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Name and <br>year of birth<br>| &nbsp;&nbsp; Position held and <br>length of <br> service<br>| Principal occupations during past five years or longer |
| &nbsp;&nbsp;&nbsp; John Kenney <br>(Born 1965)<br>| &nbsp;&nbsp; President, <br>since 2025<br>| President and Chief Executive Officer of Allspring Funds Management, LLC since 2025 and Head of Strategic <br> Initiatives of Allspring Global Investments since 2022. Prior thereto, Independent Board Member for the Principal <br> Funds from 2020 to 2022, Executive Vice President and Global Head of Affiliate Strategic Initiatives from 2015 to <br> 2020 for Legg Mason Global Asset Management and Managing Director, Corporate Strategy and Business <br> Development from 2014 to 2015 for Legg Mason Global Asset Management.<br>|
| &nbsp;&nbsp;&nbsp; Jeremy DePalma <br>(Born 1974)<br>| &nbsp;&nbsp; Treasurer, <br>since 2012 <br>(for certain funds in <br>the Fund Complex); <br>since 2021 (for <br>the remaining funds <br> in the Complex)<br>| Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen <br> Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team <br> within Fund Administration from 2005 to 2010.<br>|
| &nbsp;&nbsp;&nbsp; Christopher Baker <br>(Born 1976)<br>| &nbsp;&nbsp; Chief Compliance <br> Officer, <br>since 2022<br>| Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance <br> Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions <br> of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 <br> Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors.<br>|
| &nbsp;&nbsp;&nbsp; Matthew Prasse <br>(Born 1983)<br>| &nbsp;&nbsp; Chief Legal Officer, <br>since 2022; <br>Secretary, <br>since 2021<br>| Managing Counsel of the Allspring Legal Department since 2023. Previously, Senior Counsel of the Allspring Legal <br> Department from 2021 to 2023; Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021; Counsel for <br> Barings LLC from 2015 to 2018; Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015.<br>|

---

<sup>1</sup> 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.

42 \| 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 or distribution, the net asset value per share of the common shares is equal to or less than the market price per common share plus estimated brokerage commissions ("market premium"), the Plan Agent will invest the amount of such dividend or distribution in newly issued shares on behalf of the participant. The number of newly issued common shares to be credited to the participant's account will be determined by dividing the dollar amount of the dividend by the net asset value per share on the date the shares are issued, provided that the maximum discount from the then current market price per share on the date of issuance may not exceed 5%. If on the dividend payment date the net asset value per share is greater than the market value ("market discount"), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participant in open-market purchases. There will be no brokerage charges with respect to shares issued directly by the Fund as a result of dividends or capital gains distributions payable either in shares or in cash. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent's open-market purchases in connection with the reinvestment of dividends. The automatic reinvestment of dividends and distributions will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such dividends. All correspondence concerning the Plan should be directed to the Plan Agent at P.O. Box 505000, Louisville, Kentucky 40233 or by calling 1-800-730-6001.

Allspring Multi-Sector Income Fund \| 43

------

*This page is intentionally left blank.*

------

![](g66982imge9d26c371.jpg)

Transfer Agent, Registrar, Shareholder Servicing <br>Agent & Dividend Disbursing Agent

Computershare Trust Company, N.A. <br>P.O. Box 505000 <br>Louisville, Kentucky 40233 <br>1-800-730-6001

Website: **allspringglobal.com**

![](g66982img41d5762b7.gif)

Allspring Global Investments<sup>TM</sup> 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.

**© 2025 Allspring Global Investments Holdings, LLC. All rights reserved.**

**ALL-04302025-mko20ofyi 06-25** <br>**SAR143 04-25**

------

<u>ITEM 2. CODE OF ETHICS</u> 

Not applicable.

<u>ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT</u> 

Not applicable.

<u>ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES</u> 

Not applicable.

<u>ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS</u> 

Not applicable.

<u>ITEM 6. INVESTMENTS</u> 

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.

<u>ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

<u>ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

<u>ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

<u>ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

<u>ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT</u>

Not applicable.

<u>ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR</u> <u>CLOSED-END MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

------

<u>ITEM 13. PORTFOLIO MANAGERS OF</u> <u>CLOSED-END MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

<u>ITEM 14. PURCHASES OF EQUITY SECURITIES BY</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | (a) | (b) | (c) | (d) |
| Period | Total Number<br>of Shares<br>Purchased | Average<br>Price Paid<br>per Share | Total Number of<br>Shares Purchased as<br>Part of Publicly<br>Announced Plans or<br>Programs | Maximum Number<br>of Shares that May<br>Yet Be Purchased<br>Under the Plans or<br>Programs |
|  11/1/2024 - 11/30/2024 | 0 | $0.00 | 0 | 1390825 |
|  12/1/2024 - 12/31/2024 | 0 | 0.00 | 0 | 1390825 |
|  1/1/2025 - 1/31/2025 | 0 | 0.00 | 0 | 1402690 |
|  2/1/2025 - 2/28/2025 | 0 | 0.00 | 0 | 1402690 |
|  3/1/2025 - 3/31/2025 | 0 | 0.00 | 0 | 1402690 |
|  4/1/2025 - 4/30/2025 | 0 | 0.00 | 0 | 1402690 |
|  Total | 0 | $0.00 | 0 | 1402690 |

---

On November 14, 2024, 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, 2025 and ending on December 31, 2025. 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.

<u>ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</u> 

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.

<u>ITEM 16. CONTROLS AND PROCEDURES</u> 

(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.

------

<u>ITEM 17. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

<u>ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION</u> 

Not applicable.

<u>ITEM 19. EXHIBITS</u> 

(a)(1) Not applicable.

(a)(2) Not applicable.

[(a)(3) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2022.](d66982dex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2022.](d66982dex99906cert.htm)

------

**<u>SIGNATURES</u>**

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 | Allspring Multi-Sector Income Fund |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
| Date: June 26, 2025 | Date: June 26, 2025 |

---

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 | Allspring Multi-Sector Income Fund |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
| Date: June 26, 2025 | Date: June 26, 2025 |
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
| Date: June 26, 2025 | Date: June 26, 2025 |

---

## Ex-99.Cert

**Exhibit 19(a)(3)**![LOGO](g66982g0701025432394.jpg)

**<u>CERTIFICATION</u>**

I, John Kenney, certify that:

1. I have reviewed this report on Form N-CSRS of Allspring Multi-Sector Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 26, 2025

---

| |
|:---|
| /s/ John Kenney |
| John Kenney<br> President (Principal Executive Officer) |
| Allspring Multi-Sector Income Fund |

---

------

![LOGO](g66982g0701025432394.jpg)

**<u>CERTIFICATION</u>**

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSRS of Allspring Multi-Sector Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 26, 2025

---

| |
|:---|
| /s/ Jeremy DePalma |
| Jeremy DePalma |
| Treasurer (Principal Financial Officer) |
| Allspring Multi-Sector Income Fund |

---

## Exhibit 99.906

**Exhibit 19(b)**![LOGO](g66982g0701025432394.jpg)

**<u>SECTION 906 CERTIFICATION</u>**

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Multi-Sector Income Fund, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSRS for the six months ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: June 26, 2025

---

| | |
|:---|:---|
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
|  | Allspring Multi-Sector Income Fund |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.

------

![LOGO](g66982g0701025432394.jpg)

**SECTION 906 CERTIFICATION** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Multi-Sector Income Fund, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSRS for the six months ended April 30, 2025 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: June 26, 2025

---

| | |
|:---|:---|
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
|  | Allspring Multi-Sector Income Fund |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.