ERC Allspring Multi Sector Income Fund

Semi-Annual Report

April 30, 2022

Allspring
Multi-Sector Income Fund (ERC)

Contents

Letter to shareholders	2
Performance highlights	6
Objective, strategies and risks	12
Portfolio of investments	20
Financial statements
Statement of assets and liabilities	40
Statement of operations	41
Statement of changes in net assets	42
Statement of cash flows	43
Financial highlights	44
Notes to financial statements	45
Other information	51
Automatic dividend reinvestment plan	56

The views expressed and any forward-looking statements are as of April 30, 2022, 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

Letter to shareholders (unaudited)

Andrew Owen

President

Allspring Funds

Dear Shareholder:

We are pleased to offer you this semi annual report for the Allspring Multi-Sector Income Fund for the six-month period that ended  April 30, 2022. Global stocks and bonds declined during a challenging period. Despite progress on a global economic recovery from COVID-19, persistently high inflation, concerns regarding anticipated tightening of central bank monetary policy and turmoil caused by the Russian invasion of Ukraine all led to a retreat from financial market gains made earlier in 2021. Major stock and bond indexes, both U.S. and global, had substantial six-month losses.

For the six-month period, U.S. stocks, based on the S&P 500 Index,¹ returned -9.65%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned -11.87%, while the MSCI EM Index (Net) (USD),³ trailed both developed market benchmarks with a return of -14.15%. Among bond indexes, the Bloomberg U.S. Aggregate Bond Index,⁴ returned -9.47%, the Bloomberg Global Aggregate ex-USD Index,⁵ lost 13.25%, the Bloomberg Municipal Bond Index,⁶ returned -7.90%, and the ICE BofA U.S. High Yield Index,⁷ lost 7.22%.

Inflationary concerns and the Russia-Ukraine war caused markets to retreat.

In November 2021, as COVID-19 hospitalizations rose, most major global asset classes declined. Two exceptions were U.S. investment-grade bonds and Treasury Inflation-Protected Securities. President Biden signed a long-awaited infrastructure bill to upgrade U.S. roads, bridges, and railways. Meanwhile, the Consumer Price Index⁸, a measure of domestic inflation conditions, jumped to its highest level in 31 years. While the threat of consistently high inflation led the U.S. Federal Reserve (Fed) to discuss a faster pace of tapering, the Omicron strain created uncertainty. Commodities lost ground for the month, driven by sharp declines in oil prices (and energy costs in general) as well as precious metals.

Global volatility lessened in December as data indicated a lower risk of severe disease and death from the Omicron variant. Even so, several countries introduced restrictions on travel and hospitality, among other sectors, in an effort to reduce the spread. In the U.S., data indicated a stable economy overall, with robust corporate earnings. Consumer spending potential looked strong heading into 2022 on elevated household savings and the lowest household debt ratio since 1973. U.S. corporate and high-yield bonds had monthly gains while Treasuries declined. Bonds were strongly affected by the projection of multiple rate hikes in 2022 by senior Federal Open Market Committee members, up from previous projections of just one hike.

1	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.
2	The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.
3	The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.
4	The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.
5	The Bloomberg Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.
6	The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.
7	The ICE 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. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved.
8	The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index.

2  |  Allspring Multi-Sector Income Fund

Letter to shareholders (unaudited)

In January 2022, the main focus was on potential U.S. interest rate hikes and the Russia-Ukraine conflict. The Fed hinted that a March interest rate increase was likely. Meanwhile, Russia threatened a potential invasion of Ukraine, which could disrupt Russia’s massive energy supplies and drive demand from non-Russian oil-producing countries. Elsewhere overseas, Europe saw food and energy prices spike, leading to rising inflation. Within fixed income, corporate bonds struggled in January, underperforming government bonds, as investors focused on continued elevated inflation and ongoing uncertainty over the U.S. monetary path.

The Russian invasion of Ukraine dominated the financial world in February and March. Equity, bond, and commodities markets were shaken by fear, uncertainty, and an upending of demand-supply dynamics. Major global stock indexes were down in February, along with global bonds overall, with ongoing high levels of volatility in March along with mixed results that favored U.S. large-cap stocks. Prices of commodities spiked, including crude oil, natural gas, wheat, and precious metals, on elevated concerns of supply shortages. All of this fed already-high inflation concerns and added to expectations of more aggressive central bank interest rate hikes. Sweeping sanctions against Russia and corporate pullouts contributed to market volatility. Despite the geopolitical turmoil, the U.S. economic outlook remained largely unchanged, with a healthy job market and signs of economic resilience accompanying higher prices.

In April, market volatility continued, with deepening losses across major capital markets, as both the S&P 500 and MSCI ACWI (Net)¹ fell 8% or more for the month. The Chinese economy struggled through a strict lockdown as the government tried to contain a major COVID-19 outbreak, creating a global ripple effect that compounded existing supply shortages. This was exacerbated by the impact of the Russia-Ukraine war on global commodities. Meanwhile, U.S. annual inflation raged at 8.5%, its highest level since 1981, and investors braced themselves for aggressive Fed monetary tightening moves.

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

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

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

Sincerely,

Andrew Owen
President
Allspring Funds

_“ The Russian invasion of Ukraine dominated the financial world in February and March. Equity, bond, and commodities markets were shaken by fear, uncertainty, and an upending of demand-supply dynamics._”

_“ U.S. annual inflation raged at 8.5%, its highest level since 1981, and investors braced themselves for aggressive Fed monetary tightening moves._”

---

---

Allspring Multi-Sector Income Fund  |  3

Letter to shareholders (unaudited)

4  |  Allspring Multi-Sector Income Fund

This page is intentionally left blank.

Performance highlights (unaudited)

Investment objective	The Fund seeks a high level of current income consistent with limiting its overall exposure to domestic interest rate risk.
Strategy summary	The Fund allocates its assets between three separate investment strategies, or sleeves. Under normal market conditions, the Fund allocates approximately 30%-70% of its total assets to a sleeve consisting of below investment-grade (high yield) debt; approximately 10%-40% to a sleeve of foreign debt securities, including emerging market debt; and approxiamtely 10%-30% to a sleeve of adjustable-rate and fixed-rate mortgage-backed securities, and investment-grade corporate bonds.
Adviser	Allspring Funds Management, LLC
Subadvisers	Allspring Global Investments, LLC
	Allspring Global Investments (UK) Limited
Portfolio managers	Christopher Y. Kauffman, CFA®‡, Chris Lee, CFA®‡, Michael Lee, Alex Perrin, Michael J. Schueller, CFA®‡, Lauren van Biljon, CFA®‡, Noah Wise, CFA®‡

    

Average annual total returns (%) as of April 30, 20221
	6 months	1 year	5 year	10 year
Based on market value	-22.82	-15.82	3.25	4.73
Based on net asset value (NAV)	-11.23	-9.48	3.70	4.91
Multi-Sector Income Blended Index2	-9.32	-8.60	2.07	3.12
Bloomberg U.S. Credit Bond Index3	-12.27	-10.13	1.87	2.75
Bloomberg U.S. Securitized Index4	-8.40	-8.62	0.61	1.35
ICE BofA U.S. High Yield Constrained Index5	-7.21	-4.96	3.54	5.19
J.P. Morgan GBI-EM Global Diversified Composite Index6	-13.17	-15.95	-1.28	-1.43
J.P. Morgan Global Government Bond Index (ex U.S.)7	-15.24	-18.10	-1.20	-1.33

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, 2022, was 1.25% which includes 0.37% of interest expense.

1	Total returns based on market value are calculated assuming a purchase of common stock on the first day and a sale on the last day of the period reported. Total returns based on NAV are calculated based on the NAV at the beginning of the period and at the end of the period. Dividends and distributions, if any, are assumed for the purposes of these calculations to be reinvested at prices obtained under the Fund’s Automatic Dividend Reinvestment Plan.
2	Source: Allspring Funds Management, LLC. The Multi-Sector Income Blended Index is composed of 60% ICE BofA U.S. High Yield Constrained Index, 18% J.P. Morgan GBI-EM Global Diversified Composite Index, 7.5% Bloomberg U.S. Credit Bond Index, 7.5% Bloomberg U.S. Securitized Index, and 7% J.P. Morgan Global Government Bond Index (ex U.S.). You cannot invest directly in an index.
3	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.
4	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.
5	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. Copyright 2022. ICE Data Indices, LLC. All rights reserved.
6	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.
7	The J.P. Morgan Global Government Bond Index (ex U.S.) measures the total return from investing in 12 developed government bond markets: Australia, Belgium, Canada, Denmark, France, Germany, Italy, Japan, the Netherlands, Spain, Sweden, and the U.K. You cannot invest directly in an index.

    

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

6  |  Allspring Multi-Sector Income Fund

Performance highlights (unaudited)

Growth of $10,000 investment as of April 30, 20221

1

The chart compares the performance of the Fund for the most recent ten years with the Multi-Sector Income Blended Index, Bloomberg U.S. Credit Bond Index, Bloomberg U.S. Securitized Index, ICE BofA U.S. High Yield Constrained Index, J.P. Morgan GBI-EM Global Diversified Composite Index and J.P. Morgan Global Government Bond Index (ex U.S.). The chart assumes a hypothetical investment of $10,000 investment and reflects all operating expenses of the Fund.

    

Comparison of NAV vs. market value1

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

Allspring Multi-Sector Income Fund  |  7

Performance highlights (unaudited)

More detailed information about the Fund’s investment objective, principal investment strategies and the principal risks associated with investing in the Fund can be found on page 12.

8  |  Allspring Multi-Sector Income Fund

Performance highlights (unaudited)

Performance highlights (unaudited)

---

10  |  Allspring Multi-Sector Income Fund

Performance highlights (unaudited)

---

Allspring Multi-Sector Income Fund  |  11

Objective, strategies and risks (unaudited)

Investment objective

The Fund seeks to provide a high level of current income consistent with limiting its overall exposure to domestic interest rate risk. The Fund’s investment objective is a fundamental policy and may not be changed without the approval of a majority of the outstanding voting securities (as defined in the Investment Company Act of 1940, as amended, (the “1940 Act”) of the Fund.

Principal investment strategies

The Fund allocates its assets between three separate investment strategies, or sleeves.

High Yield Bond Sleeve. Under normal market conditions, the Fund allocates approximately 30%-70% of its total assets to a sleeve with an investment strategy that focuses on U.S. dollar-denominated below investment-grade bonds, debentures, and other income obligations, including loans and preferred stocks (often called “high yield” securities or “junk bonds”). We may invest in below investment-grade debt securities of any credit quality, however, we may not purchase securities rated CCC or below if 20% of the sleeve’s assets are already held with such a rating. We are not required to sell securities rated CCC or below if the 20% limit is exceeded due to security downgrades. Securities in the Fund’s high yield bond sleeve may be issued by domestic or foreign issuers (including foreign governments).

For purposes of the sleeve’s credit quality policies, if a security receives different ratings from nationally recognized securities rating organizations, the sleeve will use the rating that the portfolio managers believe is most representative of the security’s credit quality. The sleeve’s high yield securities may have fixed or variable principal payments and all types of interest rate and dividend payment and reset terms, including fixed rate, adjustable rate, contingent, deferred, payment in kind and auction rate features. The sleeve may invest in securities with a broad range of maturities.

The Fund’s high yield sleeve is managed following a rigorous investment process that emphasizes both quality and value. The research driven approach includes both a top-down review of macroeconomic factors and intensive, bottom-up scrutiny of individual securities. We consider both broad economic and issuer specific factors in selecting securities for the high yield sleeve. In assessing the appropriate maturity and duration for the Fund’s high yield sleeve and the credit quality parameters and weighting objectives for each sector and industry in this portion of the Fund’s portfolio, we consider a variety of factors that are expected to influence the economic environment and the dynamics of the high yield market. These factors include fundamental economic indicators, such as interest rate trends, the rates of economic growth and inflation, the performance of equity markets, commodities prices, Federal Reserve monetary policy and the relative value of the U.S. dollar compared to other currencies. Once we determine the preferable portfolio characteristics, we conduct further evaluation to determine capacity and inventory levels in each targeted industry. We also identify any circumstances that may lead to improved business conditions, thus increasing the attractiveness of a particular industry. We select individual securities based upon the terms of the securities (such as yields compared to U.S. Treasuries or comparable issues), liquidity and rating, sector and issuer diversification. We also employ due diligence and fundamental research to assess an issuer’s credit quality, taking into account financial condition and profitability, future capital needs, potential for change in rating, industry outlook, the competitive environment and management ability.

The analysis of issuers may include, among other things, historic and current financial conditions, current and anticipated cash flow and borrowing requirements, value of assets in relation to historical costs, strength of management, responsiveness to business conditions, credit standing, the company’s leverage versus industry norms and current and anticipated results of operations. While we consider as one factor in our credit analysis the ratings assigned by the rating services, we perform our own independent credit analysis of issuers.

In making decisions for the high yield sleeve, we rely on the knowledge, experience and judgment of our team who have access to a wide variety of research. We apply a strict sell discipline, which is as important as purchase criteria in determining the performance of this portion of this portfolio. We routinely meet to review profitability outlooks and discuss any deteriorating business fundamentals, as well as consider changes in equity valuations and market perceptions before selling securities.

In other than normal market conditions, when changing economic conditions and other factors cause the yield difference between lower rated and higher rated securities to narrow, the high yield bond sleeve may purchase higher rated U.S. debt instruments if we believe that the risk of loss of income and principal may be reduced substantially with only a relatively small reduction in yield.

We regularly review the investments of the portfolio and may sell a portfolio holding when it has achieved its valuation target, there is deterioration in the underlying fundamental of the business, or we have identified a more attractive investment opportunity.

Material Changes During the Report Period: As of the date of this report, there have been no material changes made to the high yield bond sleeve of the Fund during this report period.

12  |  Allspring Multi-Sector Income Fund

Objective, strategies and risks (unaudited)

International/Emerging Markets Bond Sleeve. Under normal market conditions, the Fund allocates approximately 10%-40% of its total assets to an investment strategy that focuses on developed and emerging market debt securities, including obligations of foreign governments or governmental entities, foreign corporations, or supranational agencies denominated in various currencies. Within this sleeve, the Fund invests in at least three countries or supranational agencies.

Up to 10% of the debt securities in the sleeve may be below investment grade. The weighted average credit quality of the sleeve is expected to be investment grade.

Currency is managed as a separate asset class. We may purchase a foreign currency on a spot or forward basis in order to benefit from potential appreciation of such currency relative to the U.S. dollar or to other currencies. The sleeve may enter into foreign currency exchange contracts to gain or hedge currency exposure or control risk.

While we may purchase securities of any maturity or duration, under normal circumstances, we expect this sleeve of the Fund’s portfolio to maintain a dollar-weighted average effective maturity of between 5 and 14 years, and a dollar-weighted average effective duration of between 3 1/2 and 10 years. “Dollar-Weighted Average Effective Maturity” is a measure of the average time until the final payment of principal and interest is due on fixed income securities in this sleeve of the Fund. “Dollar-Weighted Average Effective Duration” is an aggregate measure of the sensitivity of a fund’s fixed income portfolio securities to changes in interest rates. As a general matter, the price of a fixed income security with a longer effective duration will fluctuate more in response to changes in interest rates than the price of a fixed income security with a shorter effective duration.

We use proprietary models and systems to assess and highlight areas of relative value around the world. Model-driven forecasts are created using fundamental economic inputs to generate economic forecasts on the global bond markets. With these forecasts, an optimization process accounts for multiple iteration scenarios to create, what we believe to be, an optimal portfolio strategy. The output of the model process is intended to provide relative valuations for determining an over, or underweight of country-specific bond markets. Similarly, currencies are valued for their potential returns or to hedge currency exposure. These macro ‘top-down’ quantitative models are used in conjunction with our investment expertise and aligned with a ‘bottom-up’ security selection process. Each of our quantitative models and investment expertise are equally important in our security selection process.

Sell decisions with respect to this sleeve are valuation-driven based on our models and our fundamental analysis. We may also sell a security held by this sleeve of the Fund due to changes in portfolio strategy or cash flow needs.

Material Changes During the Report Period: As of the date of this report, there have been no material changes made to the international/emerging markets bond sleeve of the Fund during this report period.

Mortgage/Corporate Bond Sleeve. Under normal market conditions, the Fund allocates approximately 10%-30% of its total assets to an investment strategy that focuses on adjustable-rate and fixed-rate mortgage backed securities (including collateralized mortgage obligations (“CMOs”)) and asset-backed securities) and investment grade corporate bonds. Mortgage backed securities in which the sleeve invests may include both non-agency mortgage securities and securities issued or guaranteed by the U.S. government, its agencies, or its instrumentalities. The sleeve may invest in securities with a broad range of maturities.

Under normal circumstances, we expect to maintain an average weighted credit quality rating for the sleeve of investment-grade (BBB-/Baa3 or better). As part of our mortgage-backed securities investment strategy, we may enter into dollar roll transactions for this sleeve of the Fund.

We employ a top-down, macroeconomic outlook to determine the portfolio’s duration, yield curve positioning, credit quality and sector allocation. Macroeconomic factors considered may include, among others, the pace of economic growth, employment conditions, corporate profits, inflation, monetary and fiscal policy, as well as the influence of international economic and financial conditions. In combination with our top-down macroeconomic approach, we employ a bottom-up process of fundamental securities analysis to determine the specific securities for investment. Elements of this evaluation may include credit research, duration measurements, historical yield spread relationships, volatility trends, mortgage refinance rates, as well as other factors. Our credit analysis may consider an issuer’s general financial condition, its competitive position and its management strategies, as well as industry characteristics and other factors. We may sell a security due to changes in credit characteristics or outlook, as well as changes in portfolio strategy or cash flow needs. A security may also be sold and replaced with one that presents a better value or risk/reward profile.

Material Changes During the Report Period: As of the date of this report, there have been no material changes made to the mortgage/corporate bond sleeve of the Fund during this report period.

Allspring Multi-Sector Income Fund  |  13

Objective, strategies and risks (unaudited)

The Fund’s Overall Portfolio. We monitor the weighting of each investment strategy within the Fund’s portfolio on an ongoing basis and rebalance the Fund’s assets when we determine that such a rebalancing is necessary to align the portfolio in accordance with the investment strategies described above. From time to time, we may make adjustments to the weighting of each investment strategy. Such adjustments would be based on our review and consideration of the expected returns for each investment strategy and would factor in the stock, bond and money markets, interest rate and corporate earnings growth trends, and economic conditions which support changing investment opportunities.

The Fund may enter into transactions including, among others, options, futures and forward contracts, loans of portfolio securities, swap contracts, and other derivatives, as well as when-issued, delayed delivery, or forward commitment transactions, that may in some circumstances give rise to a form of leverage. The Fund may use some or all of these transactions from time to time in the management of its portfolio, for hedging purposes, to adjust portfolio characteristics, or more generally for purposes of attempting to increase the Fund’s investment return. There can be no assurance that the Fund will enter into any such transactions at any particular time or under any specific circumstances. The Fund reserves the flexibility to issue preferred shares and debt securities, or to borrow money, for leveraging purposes. By using leverage, the Fund would seek to obtain a higher return for holders of common shares than if it did not use leverage. Leveraging is a speculative technique, and there are special risks involved. There can be no assurance that any leveraging strategies, if employed by the Fund, will be successful, and such strategies can result in losses to the Fund.

In contrast to the investment objectives of the Fund, which are fundamental, the investment policies of the Fund described above are non-fundamental and may be changed by the Board of Trustees of the Fund so long as shareholders are provided with at least 60 days prior written notice of any change to the extent required by the rules under the 1940 Act.

Other investment techniques and strategies

As part of or in addition to the principal investment strategies discussed above, the Fund may at times invest a portion of its assets in the investment strategies and may use certain investment techniques as described below.

Convertible and Other Securities. The Fund’s investment in fixed income securities may include bonds and preferred stocks that are convertible into the equity securities of the issuer or a related company. The Fund will not invest more than 10% of its total assets in convertible securities. Depending upon the relationship of the conversion price to the market value of the underlying securities, convertible securities may trade more like equity securities than debt instruments. Consistent with its objective and other investment policies, the Fund may also invest a portion of its assets in equity securities, including common stocks, depositary receipts, warrants, rights and other equity interests.

Loans. The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans in which the Fund invests primarily consist of direct obligations of a borrower. The Fund may invest in a loan at origination as a co-lender or by acquiring in the secondary market participations in, assignments of or novations of a corporate loan. By purchasing a participation, the Fund acquires some or all of the interest of a bank or other lending institution in a loan to a borrower. The participations typically will result in the Fund having a contractual relationship only with the lender, not the borrower. The Fund will have the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the borrower. Many such loans are secured, although some may be unsecured. Loans that are fully secured offer the Fund more protection than an unsecured loan in the event of non-payment of scheduled interest or principal. However, there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Direct debt instruments may involve a risk of loss in case of default or insolvency of the borrower and may offer less legal protection to the Fund in the event of fraud or misrepresentation. In addition, loan participations involve a risk of insolvency of the lending bank or other financial intermediary. The markets in loans are not regulated by federal securities laws or the U.S. Securities and Exchange Commission.

Preferred Shares. The Fund may invest in preferred shares. Preferred shares are equity securities, but they have many characteristics of fixed income securities, such as a fixed dividend payment rate and/or a liquidity preference over the issuer’s common shares. However, because preferred shares are equity securities, they may be more susceptible to risks traditionally associated with equity investments than the Fund’s fixed income securities.

Foreign Currency Transactions. The Fund may engage in foreign currency transactions for the purpose of hedging against foreign exchange risk arising from the Fund’s investment or anticipated investment in securities denominated in foreign currencies. The Fund also may enter into these contracts for purposes of increasing exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another.

14  |  Allspring Multi-Sector Income Fund

Objective, strategies and risks (unaudited)

Structured Securities. The Fund may invest in structured securities. The value of the principal and/or interest on such securities is determined by reference to changes in the value of specific currencies, interest rates, commodities, indices or other financial indicators (“Reference”) or the relative change in two or more References. The interest rate or the principal amount payable upon maturity or redemption may be increased or decreased depending upon changes in the Reference. The terms of the structured securities may provide in certain circumstances that no principal is due at maturity and, therefore, may result in a loss of the Fund’s investment. Changes in the interest rate or principal payable at maturity may be a multiple of the changes in the value of the Reference. Consequently, structured securities may entail a greater degree of market risk than other types of fixed income securities.

Asset-Backed Securities. Asset-backed securities are securities that represent a participation in, or are secured by and payable from, a stream of payments generated by particular assets, most often a pool or pools of similar assets (e.g., trade receivables). The credit quality of these securities depends primarily upon the quality of the underlying assets and the level of credit support and/or enhancement provided.

The underlying assets (e.g., loans) are subject to prepayments which shorten the securities’ weighted average maturity and may lower their return. If the credit support or enhancement is exhausted, losses or delays in payment may result if the required payments of principal and interest are not made. The value of these securities also may change because of changes in the market’s perception of the creditworthiness of the servicing agent for the pool, the originator of the pool, or the financial institution or Fund providing the credit support or enhancement.

Real Estate Investment Trusts. The Fund may invest a portion of its assets in real estate investment trusts (“REITs”). REITs primarily invest in income-producing real estate or real estate related loans or interests. REITs are generally classified as equity REITs, mortgage REITs, or a combination of equity and mortgage REITs. Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of interest payments. The Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests in addition to the expenses paid by the Fund. Distributions received by the Fund from REITs may consist of dividends, capital gains, and/or return of capital.

U.S. Government Securities. The Fund may invest in U.S. government securities, including debt securities issued or guaranteed by the U.S. Treasury, U.S. Government agencies or government-sponsored entities. These securities may have fixed, floating or variable rate and also include mortgage-backed securities.

Zero-Coupon, Step-Up Coupon, and Pay-in-Kind Securities. Zero-coupon, step-up coupon, and pay-in-kind securities are types of debt securities that do not make regular cash interest payments. Asset-backed securities, convertible securities, corporate debt securities, foreign securities, high yield securities, mortgage-backed securities, municipal securities, participation interests, stripped securities, U.S. Government and related obligations and other types of debt instruments may be structured as zero-coupon, step-up coupon, and pay-in-kind securities.

Instead of making periodic interest payments, zero-coupon securities are sold at discounts from face value. The interest earned by the investor from holding this security to maturity is the difference between the maturity value and the purchase price. Step-up coupon bonds are debt securities that do not pay interest for a specified period of time and then, after the initial period, pay interest at a series of different rates. Pay-in-kind securities normally give the issuer an option to pay cash at a coupon payment date or to give the holder of the security a similar security with the same coupon rate and a face value equal to the amount of the coupon payment that would have been made. To the extent these securities do not pay current cash income, the market prices of these securities would generally be more volatile and likely to respond to a greater degree to changes in interest rates than the market prices of securities that pay cash interest periodically having similar maturities and credit qualities.

Investments in Equity Securities. The Fund may invest in equity securities. Equity securities, such as common stock, generally represent an ownership interest in a company. While equity securities have historically generated higher average returns than fixed income securities, equity securities have also experienced significantly more volatility in those returns. An adverse event, such as an unfavorable earnings report, may depress the value of a particular equity security held by the Fund. Also, the price of equity securities, particularly common stocks, are sensitive to general movements in the stock market. A drop in the stock market may depress the price of equity securities held by the Fund.

Other Investment Companies. The Fund may invest in other investment companies to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder. The Fund, as a holder of the securities of other investment companies, will bear its pro rata portion of the other investment companies’ expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund’s own operations.

Allspring Multi-Sector Income Fund  |  15

Objective, strategies and risks (unaudited)

Defensive and Temporary Investments. The Fund may hold some of its assets in cash or in money market instruments, including U.S. Government obligations, shares of other mutual funds and repurchase agreements, or make other short-term investments for purposes of maintaining liquidity or for short-term defensive purposes when we believe it is in the best interests of the shareholders to do so. During these periods, the Fund may not achieve its objective.

Derivatives. The Fund may invest up to 10% of its total assets in futures and options on securities and indices and in other derivatives. In addition, the Fund may enter into interest rate swap transactions with respect to the total amount the Fund is leveraged in order to hedge against adverse changes in interest rates affecting dividends payable on any preferred shares or interest payable on borrowings constituting leverage. In connection with any such swap transaction, the Fund will segregate liquid securities in the amount of its obligations under the transaction. A derivative is a security or instrument whose value is determined by reference to the value or the change in value of one or more securities, currencies, indices or other financial instruments. The Fund does not use derivatives as a primary investment technique and generally does not anticipate using derivatives for non-hedging purposes. In the event the Advisor uses derivatives for non-hedging purposes, no more than 3% of the Fund’s total assets will be committed to initial margin for derivatives for such purposes. The Fund may use derivatives for a variety of purposes, including:

■	As a hedge against adverse changes in securities market prices or interest rates; and
■	As a substitute for purchasing or selling securities.

Repurchase Agreements. The Fund may enter into repurchase agreements with broker-dealers, member banks of the Federal Reserve System and other financial institutions. Repurchase agreements are arrangements under which the Fund purchases securities and the seller agrees to repurchase the securities within a specific time and at a specific price. We review and monitor the creditworthiness of any institution which enters into a repurchase agreement with the Fund. The counterparty’s obligations under the repurchase agreement are collateralized with U.S. Treasury and/or agency obligations with a market value of not less than 100% of the obligations, valued daily. Collateral is held by the Fund’s custodian in a segregated, safekeeping account for the benefit of the Fund. Repurchase agreements afford the Fund an opportunity to earn income on temporarily available cash at low risk. In the event that the counterparty to a repurchase agreement is unwilling or unable to fulfill its contractual obligations to repurchase the underlying security, the Fund may lose money, suffer delays, or incur costs arising from holding or selling the underlying security.

Portfolio Turnover. It is the policy of the Fund not to engage in trading for short-term profits although portfolio turnover is not considered a limiting factor in the execution of investment decisions for the Fund.

Principal risks

An investment in the Fund may lose money, is not a deposit of a bank, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.

Market Risk. 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. Securities markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or indirect effects on the Fund and its investments. In addition, economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.

Debt Securities Risk. Debt securities are subject to credit risk and interest rate risk. Credit risk is the possibility that the issuer or guarantor of a debt security may be unable, or perceived to be unable, to pay interest or repay principal when they become due. In these instances, the value of an investment could decline and the Fund could lose money. Credit risk increases as an issuer’s credit quality or financial strength declines. Interest rate risk is the possibility that interest rates will change over time. When interest rates rise, the value of debt securities tends to fall. The longer the terms of the debt securities held by a Fund, the more the Fund is subject to this risk. If interest rates decline, interest that the Fund is able to earn on its investments in debt securities may also decline, which could cause the Fund to reduce the dividends it pays to shareholders, but the value of those securities may increase. Very low or negative interest rates may magnify interest rate risk.

16  |  Allspring Multi-Sector Income Fund

Objective, strategies and risks (unaudited)

High Yield Securities Risk. High yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) have a much greater risk of default (or in the case of bonds currently in default, of not returning principal) and their values tend to be more volatile than higher-rated securities with similar maturities. Additionally, these securities tend to be less liquid and more difficult to value than higher-rated securities.

Foreign Investment Risk. Foreign investments may be subject to lower liquidity, greater price volatility and risks related to adverse political, regulatory, market or economic developments. Foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Foreign investments may involve exposure to changes in foreign currency exchange rates. Such changes may reduce the U.S. dollar value of the investments. Foreign investments may be subject to additional risks such as potentially higher withholding and other taxes, and may also be subject to greater trade settlement, custodial, and other operational risks than domestic investments. Certain foreign markets may also be characterized by less stringent investor protection and disclosure standards.

Emerging Markets Risk. Emerging market securities typically present even greater exposure to the risks described under “Foreign Investment Risk” and may be particularly sensitive to global economic conditions. For example, emerging market countries are typically more dependent on exports and are therefore more vulnerable to recessions in other countries. Emerging markets tend to have less developed legal and financial systems and a smaller market capitalization than markets in developed countries. Some emerging markets are subject to greater political instability. Additionally, emerging markets may have more volatile currencies and be more sensitive than developed markets to a variety of economic factors, including inflation. Emerging market securities are also typically less liquid than securities of developed countries and could be difficult to sell, particularly during a market downturn.

Mortgage- and Asset-Backed Securities Risk. Mortgage- and asset-backed securities are subject to risk of default on the underlying mortgages or assets, particularly during periods of economic downturn. Defaults on the underlying mortgages or assets may cause such securities to decline in value and become less liquid. Rising interest rates tend to extend the duration of these securities, making them more sensitive to changes in interest rates than instruments with fixed payment schedules. As a result, in a period of rising interest rates, these securities may exhibit additional volatility. When interest rates decline or are low, borrowers may pay off their mortgage or other debts sooner than expected, which can reduce the returns of the Fund. Mortgage dollar roll transactions involve the risk that the market value of the securities that are required to be repurchased in the future may decline below the agreed upon repurchase price. They also involve the risk that the party to whom the securities are sold may become insolvent, limiting the fund’s ability to repurchase securities at the agreed upon price.

Leverage Risk. The use of leverage through the issuance of preferred shares and/or debt securities, or from borrowing money, may result in certain risks to the Fund as described below.  Certain transactions, such as derivatives, also may give rise to a form of economic leverage. Leveraging is a speculative technique, and there are special risks involved, including the risk that downside outcomes for common shareholders are magnified as a result of losses and declines in value of portfolio securities purchased with borrowed money. In addition, the costs of the financial leverage may exceed the income from investments made with such leverage, interest rates or dividends payable on the financial leverage may affect the yield and distributions to the common shareholders, and the net asset value and market value of common shares may be more volatile than if the Fund had not been leveraged. The use of leverage may cause the Fund to have to liquidate portfolio positions when it may not be advantageous to do so. There can be no assurance that any leveraging strategies will be successful.

Because many derivatives have a leverage component (i.e., a notional value in excess of the assets needed to establish and/or maintain the derivative position), adverse changes in the value or level of the underlying asset, rate or index may result in a loss substantially greater than the amount invested in the derivative itself.

Anti-takeover Provisions Risk. The Fund’s governing documents include provisions that could limit the ability of other entities or persons to acquire control of the Fund or to change the composition of its Board of Trustees. Such provisions could limit the ability of shareholders to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund. These provisions include staggered terms of office for the Trustees, advance notice requirements for shareholder proposals, and super majority voting requirements for open-ending the Fund or a merger, liquidation, asset sale or similar transactions.

Closed-end Fund Risk. Closed-end funds involve investment risks different from those associated with other investment companies. Shares of closed-end funds frequently trade at either a premium or discount relative to their net asset value (“NAV”). There can be no assurance that the discount will decrease. It is possible that a market discount may increase and the Fund may suffer realized or unrealized capital losses due to further decline in the market price of the securities held by the

Allspring Multi-Sector Income Fund  |  17

Objective, strategies and risks (unaudited)

Fund, thereby adversely affecting the NAV of the Fund’s shares. Similarly, there can be no assurance that the Fund’s shares will trade at a premium, will continue to trade at a premium or that the premium will not decrease over time.

Convertible Securities Risk. A convertible security has characteristics of both equity and debt securities and, as a result, is exposed to risks that are typically associated with both types of securities. The market value of a convertible security tends to decline as interest rates increase but also tends to reflect changes in the market price of the common stock of the issuing company. A convertible security is also exposed to the risk that an issuer is unable to meet its obligation to make dividend or interest and principal payments when due as a result of changing financial or market conditions. In the event of a liquidation of the issuer, holders of a convertible security would generally be paid only after holders of any senior debt obligations. The Fund may be forced to convert a convertible security before it would otherwise choose to do so, which may decrease the Fund’s return.

Derivatives Risk. The use of derivatives, such as futures, options and swap agreements, presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. The use of derivatives can lead to losses because of adverse movements in the price or value of the derivatives’ underlying assets, indexes or rates and the derivatives themselves, which may be magnified by certain features of the derivatives. These risks are heightened when derivatives are used to enhance the Fund’s return or as a substitute for a position or security, rather than solely to hedge (or mitigate) the risk of a position or security held by the Fund. The success of a derivative strategy will be affected by the portfolio manager’s ability to assess and predict market or economic developments and their impact on the derivatives’ underlying assets, indexes or rates and the derivatives themselves. Certain derivative instruments may become illiquid and, as a result, may be difficult to sell when the portfolio manager believes it would be appropriate to do so. Certain derivatives create leverage, which can magnify the impact of a decline in the value of their underlying assets, indexes or rates and increase the volatility of the Fund’s net asset value. Certain derivatives (e.g., over-the-counter swaps) are also subject to the risk that the counterparty to the derivative contract will be unwilling or unable to fulfill its contractual obligations, which may cause the Fund to lose money, suffer delays or incur costs arising from holding or selling an underlying asset. Changes in laws or regulations may make the use of derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the use, value or performance of derivatives.

Equity Securities Risk. The values of equity securities may experience periods of substantial price volatility and may decline significantly over short time periods. In general, the values of equity securities are more volatile than those of debt securities. Equity securities fluctuate in value and price in response to factors specific to the issuer of the security, such as management performance, financial condition, and market demand for the issuer’s products or services, as well as factors unrelated to the fundamental condition of the issuer, including general market, economic and political conditions. Different parts of a market, industry and sector may react differently to adverse issuer, market, regulatory, political, and economic developments.

Foreign Currency Risk. The Fund may invest in non-dollar-denominated investments. The Fund may be limited in its ability to hedge the value of its non-dollar denominated investments against currency fluctuations. As a result, a decline in the value of currencies in which the Fund’s investments are denominated against the dollar will result in a corresponding decline in the dollar value of the Fund’s assets. These declines will in turn affect the Fund’s income and net asset value.

Futures Contracts Risk. A Fund that uses futures contracts, which are a type of derivative, is subject to the risk of loss caused by unanticipated market movements. In addition, there may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their underlying instruments or indexes, and there may at times not be a liquid secondary market for certain futures contracts.

Inflation Risk. Inflation risk is the risk that the value of assets or income from the Fund’s investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real, or inflation-adjusted, value of the common shares and distributions can decline and the dividend payments on the Fund’s preferred shares, if any, or interest payments on Fund borrowings, if any, may increase.

Issuer Risk. The value of corporate income-producing securities may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods and services.

Loan Risk. Loans may be unrated, less liquid and more difficult to value than traditional debt securities. Loans may be made to finance highly leveraged corporate operations or acquisitions. The highly leveraged capital structure of the borrowers in such transactions may make such loans especially vulnerable to adverse changes in financial, economic or market conditions. Loans generally are subject to restrictions on transfer, and only limited opportunities may exist to sell such loans in secondary markets. As a result, the Fund may be unable to sell loans at a desired time or price. If the Fund acquires only an assignment or a participation in a loan made by a third party, the Fund may not be able to control amendments, waivers or the exercise of any remedies that a lender would have under a direct loan and may assume liability as a lender.

18  |  Allspring Multi-Sector Income Fund

Objective, strategies and risks (unaudited)

Management Risk. Investment decisions, techniques, analyses or models implemented by the Fund’s manager or sub-advisor in seeking to achieve the Fund’s investment objective may not produce the returns expected, may cause the Fund’s shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.

Market Price of Shares Risk. Whether investors will realize a gain or loss upon the sale of the Fund’s common shares will depend upon whether the market value of the shares at the time of sale is above or below the price the investor paid, taking into account transaction costs, for the shares and is not directly dependent upon the Fund’s net asset value. Because the market value of the Fund’s shares will be determined by factors such as the relative demand for and supply of the shares in the market, general market conditions and other factors beyond the control of the Fund, the Fund cannot predict whether its common shares will trade at, below or above net asset value, or below or above the initial offering price for the shares.

Options Risk. A Fund that purchases options, which are a type of derivative, is subject to the risk that gains, if any, realized on the position, will be less than the amount paid as premiums to the writer of the option. A Fund that writes options receives a premium that may be small relative to the loss realized in the event of adverse changes in the value of the underlying instruments. A Fund that writes covered call options gives up the opportunity to profit from any price increase in the underlying security above the option exercise price while the option is in effect. Options may be more volatile than the underlying instruments. In addition, there may at times be an imperfect correlation between the movement in values of options and their underlying securities and there may at times not be a liquid secondary market for certain options.

Prepayment Risk. During periods of declining interest rates, the issuer of a security may exercise its option to prepay principal earlier than scheduled, forcing the Fund to reinvest in lower yielding securities. This is known as call or prepayment risk. Debt securities frequently have call features that allow the issuer to repurchase the security prior to its stated maturity. An issuer may redeem an obligation if the issuer can refinance the debt at a lower cost due to declining interest rates or an improvement in the credit standing of the issuer.

Reinvestment Risk. Reinvestment risk is the risk that income from the Fund’s bond portfolio will decline if and when the Fund invests the proceeds from matured, traded or called bonds at market interest rates that are below the portfolio’s current earnings rate. A decline in income could affect the common shares’ market price or their overall returns.

Sovereign Debt Risk. Investments in sovereign or quasi-sovereign debt involve the risk that the governmental entities responsible for repayment will be unable or unwilling to pay interest and repay principal when due. A governmental entity’s ability and willingness to pay interest and repay principal in a timely manner can be expected to be affected by a variety of factors, including its cash flow, the size of its reserves, its access to foreign exchange, the relative size of its debt service burden to its economy as a whole, and political constraints. Investments in quasi-sovereign issuers are subject to the additional risk that the issuer will default independently of its sovereign. Sovereign debt risk is greater for fixed income securities issued or guaranteed by emerging countries.

U.S. Government Obligations Risk. U.S. Government obligations may be adversely impacted by changes in interest rates, and securities issued or guaranteed by U.S. Government agencies or government-sponsored entities may not be backed by the full faith and credit of the U.S. Government.

Portfolio of investments—April 30, 2022 (unaudited)

		Interest rate	Maturity date	Principal		Value
Agency securities: 0.46%
FHLMC (5 Year Treasury Constant Maturity +2.09%) ±		2.65%	9-1-2032	$	297,642	$      293,057
FHLMC		8.50	7-1-2028		10,943	11,705
FHLMC Series 1383 (1 Year Treasury Constant Maturity +2.25%) ±		2.36	2-1-2037		50,720	52,779
FHLMC Series 2013-K30 Class B 144A±±		3.56	6-25-2045		700,000	702,963
FHLMC Series 2390 Class FD (1 Month LIBOR +0.45%) ±		1.00	12-15-2031		8,034	8,051
FHLMC Series 2567 Class FH (1 Month LIBOR +0.40%) ±		0.95	2-15-2033		26,687	26,706
FHLMC Series 3987 Class CI ♀		3.50	6-15-2026		591,601	5,727
FNMA (6 Month LIBOR +1.64%) ±		1.89	9-1-2037		8,561	8,543
FNMA		6.00	4-1-2033		46,634	47,544
FNMA		7.50	2-1-2030		3,272	3,287
FNMA Series 1997-20 Class IO ♀±±		1.84	3-25-2027		43,078	485
FNMA Series 2001-25 Class Z		6.00	6-25-2031		32,597	34,408
FNMA Series 2001-35 Class F (1 Month LIBOR +0.60%) ±		1.27	7-25-2031		1,986	1,999
FNMA Series 2001-57 Class F (1 Month LIBOR +0.50%) ±		1.17	6-25-2031		2,000	2,008
FNMA Series 2002-77 Class FH (1 Month LIBOR +0.40%) ±		0.95	12-18-2032		12,173	12,175
FNMA Series 2002-97 Class FR (1 Month LIBOR +0.55%) ±		1.22	1-25-2033		3,086	3,102
GNMA		6.50	6-15-2028		11,262	11,902
GNMA Series 2019-H06 Class HI ♀±±		1.82	4-20-2069		3,597,430	131,928
Total Agency securities (Cost $1,325,607)						1,358,369
Asset-backed securities: 1.56%
Acres plc Series 2021-FL2 Class A (1 Month LIBOR +1.40%) 144A±		1.95	1-15-2037		500,000	493,280
Aqua Finance Trust Series 2021-A Class A  144A		1.54	7-17-2046		612,414	577,440
Asset-Backed Funding Certificates Series 2003-AHL1 Class A1		3.68	3-25-2033		95,106	92,420
Bear Stearns Asset Backed Securities Series 2002-2 Class A1 (1 Month LIBOR +0.66%) ±		1.33	10-25-2032		67,131	66,441
Carvana Auto Receivables Trust Series 2019-4A Class B 144A		2.53	7-15-2024		368,826	369,039
DT Auto Owner Trust Series 2019-2A Class D 144A		3.48	2-18-2025		1,000,000	1,002,849
Five Guys Funding LLC Series 17-1A Class A2 144A		4.60	7-25-2047		992,500	989,398
Mesa Trust Asset Backed Certificates Series 2001-5 Class A (1 Month LIBOR +0.80%) 144A±		1.47	12-25-2031		2,724	2,712
Montana Higher Education Student Assistance Corporation Series 2012-1 Class A2 (1 Month LIBOR +1.00%) ±		1.59	5-20-2030		98,056	98,148
PFS Financing Corporation Series 2021-A Class A 144A		0.71	4-15-2026		1,000,000	943,084
Total Asset-backed securities (Cost $4,762,360)						4,634,811

    

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

20  |  Allspring Multi-Sector Income Fund

Portfolio of investments—April 30, 2022 (unaudited)

				Shares		Value
Common stocks: 1.39%
Communication services: 0.38%
Diversified telecommunication services: 0.38%
Intelsat SA ‡†					40,208	$   1,125,824
Energy: 0.56%
Energy equipment & services: 0.33%
Bristow Group Incorporated †					33,364	994,914
Oil, gas & consumable fuels: 0.23%
Denbury Incorporated †					10,597	677,996
Financials: 0.45%
Mortgage REITs: 0.45%
Blackstone Mortgage Trust Incorporated Class A					14,944	448,918
Ladder Capital Corporation					41,398	471,523
Starwood Property Trust Incorporated					18,508	423,463
						1,343,904
Total Common stocks (Cost $6,021,362)						4,142,638

    

		Interest rate	Maturity date	Principal
Corporate bonds and notes: 72.98%
Communication services: 12.85%
Diversified telecommunication services: 0.74%
Cablevision Lightpath LLC 144A		3.88%	9-15-2027	$	160,000	140,701
Cablevision Lightpath LLC 144A		5.63	9-15-2028		140,000	119,963
Level 3 Financing Incorporated 144A		3.63	1-15-2029		425,000	344,913
Level 3 Financing Incorporated 144A		4.25	7-1-2028		375,000	316,875
Zayo Group Holdings Incorporated 144A		6.13	3-1-2028		1,525,000	1,277,188
						2,199,640
Entertainment: 1.47%
CEC Entertainment LLC 144A		6.75	5-1-2026		630,000	592,200
Live Nation Entertainment Incorporated 144A		3.75	1-15-2028		870,000	787,350
Live Nation Entertainment Incorporated 144A		5.63	3-15-2026		528,000	521,400
Live Nation Entertainment Incorporated 144A		6.50	5-15-2027		1,380,000	1,431,474
Seaworld Parks & Entertainment 144A		5.25	8-15-2029		1,165,000	1,060,057
						4,392,481
Interactive media & services: 0.46%
Rackspace Technology Company 144A		5.38	12-1-2028		1,665,000	1,356,525
Media: 9.69%
CCO Holdings LLC 144A		4.25	1-15-2034		530,000	421,350
CCO Holdings LLC 144A		4.50	8-15-2030		3,000,000	2,617,500
CCO Holdings LLC		4.50	5-1-2032		250,000	210,289
CCO Holdings LLC 144A		5.00	2-1-2028		150,000	142,875
CCO Holdings LLC 144A		5.13	5-1-2027		450,000	438,651
Charter Communications Operating LLC		5.05	3-30-2029		675,000	671,405
Cinemark USA Incorporated 144A		5.25	7-15-2028		1,650,000	1,466,108
Cinemark USA Incorporated 144A		5.88	3-15-2026		420,000	391,650
Cinemark USA Incorporated 144A		8.75	5-1-2025		385,000	399,919

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

Portfolio of investments—April 30, 2022 (unaudited)

		Interest rate	Maturity date	Principal		Value
Media (continued)
Clear Channel Outdoor Holdings 144A		5.13%	8-15-2027	$	435,000	$      408,770
Clear Channel Outdoor Holdings 144A		7.75	4-15-2028		550,000	518,375
CSC Holdings LLC 144A		4.13	12-1-2030		865,000	713,625
CSC Holdings LLC 144A		4.63	12-1-2030		625,000	478,125
CSC Holdings LLC 144A		5.75	1-15-2030		4,025,000	3,340,750
DIRECTV Financing LLC 144A		5.88	8-15-2027		740,000	696,525
DISH DBS Corporation		5.13	6-1-2029		400,000	312,444
DISH DBS Corporation 144A		5.75	12-1-2028		1,280,000	1,144,934
DISH DBS Corporation		7.75	7-1-2026		340,000	319,826
Gray Escrow II Incorporated 144A		5.38	11-15-2031		2,150,000	1,853,214
Gray Television Incorporated 144A		4.75	10-15-2030		1,850,000	1,609,500
Lamar Media Corporation		4.00	2-15-2030		500,000	448,025
Match Group Holdings II LLC 144A		5.63	2-15-2029		1,081,000	1,043,165
Nexstar Broadcasting Incorporated 144A		4.75	11-1-2028		450,000	408,375
Nexstar Broadcasting Incorporated 144A		5.63	7-15-2027		750,000	729,848
Outfront Media Capital Corporation 144A		4.63	3-15-2030		675,000	603,990
Outfront Media Capital Corporation 144A		5.00	8-15-2027		50,000	47,563
QVC Incorporated		4.38	9-1-2028		1,283,000	1,090,178
QVC Incorporated		4.75	2-15-2027		2,340,000	2,094,277
QVC Incorporated		5.95	3-15-2043		450,000	350,417
Salem Media Group Incorporated 144A		6.75	6-1-2024		845,000	832,325
Scripps Escrow II Incorporated 144A		3.88	1-15-2029		170,000	151,113
Scripps Escrow II Incorporated 144A		5.38	1-15-2031		1,185,000	1,054,804
Scripps Escrow II Incorporated 144A		5.88	7-15-2027		100,000	95,500
Townsquare Media Incorporated 144A		6.88	2-1-2026		1,765,000	1,757,234
						28,862,649
Wireless telecommunication services: 0.49%
Sprint Spectrum Company 144A		5.15	9-20-2029		750,000	771,563
T-Mobile USA Incorporated		3.50	4-15-2031		780,000	691,337
						1,462,900
Consumer discretionary: 8.34%
Auto components: 0.80%
Allison Transmission Incorporated 144A		5.88	6-1-2029		240,000	236,935
Clarios Global LP 144A		6.25	5-15-2026		305,000	308,050
Clarios Global LP 144A		6.75	5-15-2025		45,000	45,900
Cooper Tire & Rubber Company		7.63	3-15-2027		1,710,000	1,791,225
						2,382,110
Automobiles: 0.17%
Ford Motor Company		3.25	2-12-2032		645,000	524,192
Diversified consumer services: 0.41%
Service Corporation International		7.50	4-1-2027		1,125,000	1,223,438
Hotels, restaurants & leisure: 3.74%
Carnival Corporation 144A		4.00	8-1-2028		760,000	684,106
Carnival Corporation 144A		6.00	5-1-2029		640,000	574,400
Carnival Corporation 144A		7.63	3-1-2026		1,165,000	1,140,244
Carnival Corporation 144A		9.88	8-1-2027		425,000	458,042
Carnival Corporation 144A		10.50	2-1-2026		325,000	357,500
CCM Merger Incorporated 144A		6.38	5-1-2026		2,240,000	2,234,400
NCL Corporation Limited 144A		5.88	3-15-2026		910,000	840,667

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

22  |  Allspring Multi-Sector Income Fund

Portfolio of investments—April 30, 2022 (unaudited)

		Interest rate	Maturity date	Principal		Value
Hotels, restaurants & leisure (continued)
NCL Corporation Limited 144A		5.88%	2-15-2027	$	900,000	$      857,916
NCL Corporation Limited 144A		7.75	2-15-2029		560,000	543,200
Royal Caribbean Cruises Limited 144A		5.38	7-15-2027		130,000	119,463
Royal Caribbean Cruises Limited 144A		5.50	8-31-2026		345,000	321,469
Royal Caribbean Cruises Limited 144A		5.50	4-1-2028		680,000	620,500
Royal Caribbean Cruises Limited 144A		9.13	6-15-2023		1,400,000	1,445,269
Royal Caribbean Cruises Limited 144A		10.88	6-1-2023		525,000	549,281
Six Flags Entertainment Company 144A		5.50	4-15-2027		400,000	392,004
						11,138,461
Household durables: 0.60%
Allied Universal Holdco LLC 144A		6.63	7-15-2026		600,000	579,864
WASH Multifamily Acquisition Incorporated 144A		5.75	4-15-2026		1,240,000	1,205,900
						1,785,764
Multiline retail: 0.85%
LSF9 Atlantis Holdings LLC 144A		7.75	2-15-2026		570,000	514,191
Macy's Retail Holdings LLC 144A		5.88	4-1-2029		1,260,000	1,195,261
Macy's Retail Holdings LLC 144A		6.13	3-15-2032		135,000	124,875
Nordstrom Incorporated		4.00	3-15-2027		750,000	695,057
						2,529,384
Specialty retail: 1.61%
GAP Incorporated 144A		3.88	10-1-2031		485,000	386,642
Group 1 Automotive Incorporated 144A		4.00	8-15-2028		620,000	557,833
Lithia Motors Incorporated 144A		3.88	6-1-2029		390,000	352,158
Michaels Companies Incorporated 144A		7.88	5-1-2029		1,385,000	1,090,688
NMG Holding Company Incorporated 144A		7.13	4-1-2026		1,040,000	1,032,439
Rent-A-Center Incorporated 144A		6.38	2-15-2029		1,580,000	1,362,971
						4,782,731
Textiles, apparel & luxury goods: 0.16%
G-III Apparel Group Limited 144A		7.88	8-15-2025		460,000	478,400
Consumer staples: 0.49%
Food products: 0.49%
CHS Incorporated 144A		5.25	5-15-2030		400,000	350,660
CHS Incorporated 144A		6.00	1-15-2029		40,000	37,808
CHS Incorporated 144A		6.88	4-15-2029		1,230,000	1,078,735
						1,467,203
Energy: 14.36%
Energy equipment & services: 3.28%
Bristow Group Incorporated 144A		6.88	3-1-2028		2,350,000	2,303,004
Hilcorp Energy Company 144A		5.75	2-1-2029		270,000	264,600
Hilcorp Energy Company 144A		6.00	4-15-2030		145,000	143,913
Hilcorp Energy Company 144A		6.00	2-1-2031		300,000	289,512
Hilcorp Energy Company 144A		6.25	11-1-2028		350,000	348,478
Hilcorp Energy Company 144A		6.25	4-15-2032		145,000	141,274
Oceaneering International Incorporated		4.65	11-15-2024		450,000	435,375
Oceaneering International Incorporated		6.00	2-1-2028		1,580,000	1,469,542
Pattern Energy Operations LP 144A		4.50	8-15-2028		2,890,000	2,702,150

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

Portfolio of investments—April 30, 2022 (unaudited)

		Interest rate	Maturity date	Principal		Value
Energy equipment & services (continued)
USA Compression Partners LP		6.88%	4-1-2026	$	970,000	$      950,600
USA Compression Partners LP		6.88	9-1-2027		65,000	63,525
W.R. Grace Holdings LLC 144A		5.63	8-15-2029		780,000	664,482
						9,776,455
Oil, gas & consumable fuels: 11.08%
Aethon United 144A		8.25	2-15-2026		1,225,000	1,262,398
Antero Resources Corporation 144A		5.38	3-1-2030		590,000	576,483
Antero Resources Corporation 144A		8.38	7-15-2026		635,000	684,308
Apache Corporation		4.38	10-15-2028		750,000	705,000
Archrock Partners LP 144A		6.25	4-1-2028		590,000	572,300
Archrock Partners LP 144A		6.88	4-1-2027		500,000	500,750
Boardwalk Pipelines LP		4.80	5-3-2029		750,000	737,736
Buckeye Partners LP		5.85	11-15-2043		1,125,000	897,188
Cheniere Energy Partners LP 144A		3.25	1-31-2032		775,000	662,625
Cheniere Energy Partners LP		4.50	10-1-2029		400,000	383,000
Comstock Resources Incorporated 144A		5.88	1-15-2030		195,000	187,650
CQP Holdco LP 144A		5.50	6-15-2031		1,550,000	1,429,565
DCP Midstream Operating Company		5.13	5-15-2029		525,000	516,327
DT Midstream Incorporated 144A		4.13	6-15-2029		300,000	273,000
DT Midstream Incorporated 144A		4.38	6-15-2031		720,000	645,034
Encino Acquisition Partners Company 144A		8.50	5-1-2028		2,345,000	2,350,863
EnLink Midstream Partners LP		5.05	4-1-2045		1,025,000	789,158
EnLink Midstream Partners LP		5.38	6-1-2029		1,465,000	1,425,928
EnLink Midstream Partners LP		5.45	6-1-2047		540,000	437,400
EnLink Midstream Partners LP		5.60	4-1-2044		750,000	618,806
EnLink Midstream Partners LP 144A		5.63	1-15-2028		170,000	168,453
Enviva Partners LP 144A		6.50	1-15-2026		2,365,000	2,409,840
Harvest Midstream LP 144A		7.50	9-1-2028		760,000	771,142
Hess Midstream Operation Company 144A		5.50	10-15-2030		145,000	142,867
Kinder Morgan Energy Partners LP		3.95	9-1-2022		750,000	750,567
Murphy Oil Corporation		5.75	8-15-2025		185,000	185,000
Murphy Oil Corporation		5.88	12-1-2027		150,000	148,875
Murphy Oil Corporation		6.38	7-15-2028		1,230,000	1,251,316
Nabors Industries Limited 144A		7.38	5-15-2027		575,000	586,615
Nabors Industries Limited 144A		9.00	2-1-2025		78,000	80,535
New Fortress Energy Incorporated 144A		6.50	9-30-2026		1,815,000	1,756,593
Occidental Petroleum Corporation		6.45	9-15-2036		3,190,000	3,461,150
Plains All American Pipeline LP		3.85	10-15-2023		750,000	751,811
Rockies Express Pipeline LLC 144A		6.88	4-15-2040		1,265,000	1,201,750
Southwestern Energy Company		4.75	2-1-2032		640,000	605,203
Southwestern Energy Company		7.75	10-1-2027		265,000	276,538
Southwestern Energy Company		8.38	9-15-2028		650,000	702,813
Tallgrass Energy Partners LP 144A		6.00	12-31-2030		785,000	726,125
Tallgrass Energy Partners LP 144A		6.00	9-1-2031		370,000	337,625
Venture Global LNG Incorporated 144A		3.88	11-1-2033		180,000	156,609
Western Midstream Operating LP		5.30	3-1-2048		1,000,000	867,500
						32,994,446
Financials: 14.30%
Banks: 0.64%
Citigroup Incorporated (U.S. SOFR +3.23%) ʊ±		4.70	1-30-2025		750,000	681,000

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

24  |  Allspring Multi-Sector Income Fund

Portfolio of investments—April 30, 2022 (unaudited)

		Interest rate	Maturity date	Principal		Value
Banks (continued)
City National Bank		5.38%	7-15-2022	$	500,000	$      503,201
JPMorgan Chase & Company (3 Month LIBOR +3.25%) ±		5.15	12-29-2049		750,000	738,750
						1,922,951
Capital markets: 0.90%
Coinbase Global Incorporated 144A		3.63	10-1-2031		945,000	698,100
MSCI Incorporated 144A		3.25	8-15-2033		275,000	232,375
MSCI Incorporated 144A		4.00	11-15-2029		600,000	552,630
Oppenheimer Holdings Incorporated		5.50	10-1-2025		1,200,000	1,194,564
						2,677,669
Consumer finance: 5.57%
Acuris Finance U.S. Incorporated 144A		5.00	5-1-2028		450,000	411,750
FirstCash Incorporated 144A		4.63	9-1-2028		445,000	404,950
FirstCash Incorporated 144A		5.63	1-1-2030		545,000	506,850
Ford Motor Credit Company LLC		4.00	11-13-2030		590,000	510,350
Ford Motor Credit Company LLC		4.39	1-8-2026		1,450,000	1,399,250
Ford Motor Credit Company LLC		5.11	5-3-2029		2,175,000	2,060,813
Ford Motor Credit Company LLC		5.13	6-16-2025		225,000	224,438
LFS TopCo LLC 144A		5.88	10-15-2026		755,000	698,375
Navient Corporation		5.00	3-15-2027		1,215,000	1,105,996
Navient Corporation		5.50	3-15-2029		915,000	804,587
Navient Corporation		5.63	8-1-2033		825,000	651,750
OneMain Finance Corporation		5.38	11-15-2029		1,100,000	987,250
OneMain Finance Corporation		6.13	3-15-2024		750,000	752,873
OneMain Finance Corporation		6.63	1-15-2028		100,000	98,769
OneMain Finance Corporation		7.13	3-15-2026		925,000	936,563
PECF USS Intermediate Holding III Corporation 144A		8.00	11-15-2029		835,000	770,288
PRA Group Incorporated 144A		5.00	10-1-2029		1,530,000	1,415,602
PROG Holdings Incorporated 144A		6.00	11-15-2029		530,000	468,361
Rocket Mortgage LLC 144A		2.88	10-15-2026		965,000	854,025
Rocket Mortgage LLC 144A		4.00	10-15-2033		985,000	789,133
Synchrony Financial		5.15	3-19-2029		750,000	745,379
						16,597,352
Diversified financial services: 1.35%
Hat Holdings LLC 144A		3.38	6-15-2026		630,000	578,674
Jefferies Finance LLC 144A		5.00	8-15-2028		875,000	796,259
LPL Holdings Incorporated 144A		4.38	5-15-2031		1,220,000	1,113,860
LPL Holdings Incorporated 144A		4.63	11-15-2027		100,000	94,875
United Wholesale Mortgage LLC 144A		5.50	11-15-2025		1,550,000	1,424,125
						4,007,793
Insurance: 2.84%
Amwins Group Incorporated 144A		4.88	6-30-2029		1,240,000	1,135,009
Assurant Incorporated		3.70	2-22-2030		750,000	693,944
AssuredPartners Incorporated 144A		5.63	1-15-2029		665,000	584,841
Brighthouse Financial Incorporated		4.70	6-22-2047		850,000	730,946
Broadstreet Partners Incorporated 144A		5.88	4-15-2029		1,570,000	1,361,975
HUB International Limited 144A		5.63	12-1-2029		195,000	178,913
HUB International Limited 144A		7.00	5-1-2026		330,000	327,086
Liberty Mutual Group Incorporated 144A		4.57	2-1-2029		750,000	760,993

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

Portfolio of investments—April 30, 2022 (unaudited)

		Interest rate	Maturity date	Principal		Value
Insurance (continued)
MetLife Incorporated		6.40%	12-15-2066	$	1,000,000	$    1,037,210
Prudential Financial Incorporated (3 Month LIBOR +2.38%) ±		4.50	9-15-2047		750,000	711,188
Ryan Specialty Group LLC 144A		4.38	2-1-2030		200,000	182,406
Sammons Financial Group Incorporated 144A		4.45	5-12-2027		750,000	750,954
						8,455,465
Mortgage REITs: 0.85%
Blackstone Mortgage Trust Incorporated 144A		3.75	1-15-2027		590,000	538,375
Starwood Property Trust Incorporated 144A		4.38	1-15-2027		900,000	839,601
Starwood Property Trust Incorporated		4.75	3-15-2025		465,000	458,819
Starwood Property Trust Incorporated 144A		5.50	11-1-2023		690,000	695,175
						2,531,970
Thrifts & mortgage finance: 2.15%
Enact Holdings Incorporated 144A		6.50	8-15-2025		2,195,000	2,183,762
Ladder Capital Finance Holdings LP 144A		4.25	2-1-2027		1,080,000	992,736
Ladder Capital Finance Holdings LP 144A		4.75	6-15-2029		1,070,000	959,876
Ladder Capital Finance Holdings LP 144A		5.25	10-1-2025		1,120,000	1,100,400
United Wholesale Mortgage LLC 144A		5.50	4-15-2029		1,395,000	1,157,390
						6,394,164
Health care: 3.58%
Health care equipment & supplies: 0.69%
Avantor Funding Incorporated 144A		3.88	11-1-2029		365,000	327,489
Mozart Debt Merger Sub Incorporated 144A		5.25	10-1-2029		1,175,000	1,022,250
Surgery Center Holdings Incorporated 144A		10.00	4-15-2027		665,000	694,925
						2,044,664
Health care providers & services: 2.63%
180 Medical Incorporated 144A		3.88	10-15-2029		475,000	422,750
AdaptHealth LLC 144A		4.63	8-1-2029		240,000	203,400
Air Methods Corporation 144A		8.00	5-15-2025		1,850,000	1,512,375
CommonSpirit Health		3.82	10-1-2049		750,000	649,133
CVS Pass-Through Trust		6.04	12-10-2028		333,751	352,027
Davita Incorporated 144A		4.63	6-1-2030		1,325,000	1,152,750
Encompass Health Corporation		4.63	4-1-2031		175,000	154,438
Encompass Health Corporation		5.75	9-15-2025		575,000	585,063
Mednax Incorporated 144A		5.38	2-15-2030		530,000	493,828
Select Medical Corporation 144A		6.25	8-15-2026		1,320,000	1,310,100
Tenet Healthcare Corporation 144A		4.88	1-1-2026		775,000	758,861
Vizient Incorporated 144A		6.25	5-15-2027		236,000	243,670
						7,838,395
Life sciences tools & services: 0.17%
Charles River Laboratories Incorporated 144A		4.00	3-15-2031		350,000	312,483
Charles River Laboratories Incorporated 144A		4.25	5-1-2028		200,000	190,906
						503,389
Pharmaceuticals: 0.09%
Bausch Health Companies Incorporated 144A		6.13	2-1-2027		265,000	254,429

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

26  |  Allspring Multi-Sector Income Fund

Portfolio of investments—April 30, 2022 (unaudited)

		Interest rate	Maturity date	Principal		Value
Industrials: 7.02%
Aerospace & defense: 0.86%
Spirit AeroSystems Holdings Incorporated 144A		5.50%	1-15-2025	$	305,000	$      301,950
Spirit AeroSystems Holdings Incorporated 144A		7.50	4-15-2025		370,000	374,625
TransDigm Group Incorporated 144A		6.25	3-15-2026		575,000	572,125
TransDigm Group Incorporated		6.38	6-15-2026		450,000	444,353
TransDigm Group Incorporated		7.50	3-15-2027		875,000	881,563
						2,574,616
Airlines: 1.76%
American Airlines Group Incorporated 144A		5.75	4-20-2029		550,000	529,966
Hawaiian Airlines Incorporated		3.90	7-15-2027		813,223	744,870
Hawaiian Brand Intellectual Property Limited 144A		5.75	1-20-2026		2,370,000	2,311,094
Mileage Plus Holdings LLC 144A		6.50	6-20-2027		1,000,000	1,019,980
Spirit Loyalty Cayman Limited 144A		8.00	9-20-2025		610,000	644,166
						5,250,076
Commercial services & supplies: 1.31%
Allied Universal Holdco LLC 144A		6.00	6-1-2029		1,345,000	1,112,988
CoreCivic Incorporated		8.25	4-15-2026		2,000,000	2,054,440
Covanta Holding Incorporated 144A		4.88	12-1-2029		820,000	746,036
						3,913,464
Construction & engineering: 0.24%
Great Lakes Dredge & Dock Company 144A		5.25	6-1-2029		750,000	701,250
Machinery: 0.91%
Stevens Holding Company Incorporated 144A		6.13	10-1-2026		575,000	576,438
TK Elevator US Newco Incorporated 144A		5.25	7-15-2027		675,000	632,354
Werner FinCo LP 144A		8.75	7-15-2025		1,445,000	1,487,339
						2,696,131
Road & rail: 0.99%
Uber Technologies Incorporated 144A		4.50	8-15-2029		1,475,000	1,270,359
Uber Technologies Incorporated 144A		8.00	11-1-2026		1,600,000	1,676,000
						2,946,359
Trading companies & distributors: 0.95%
Fortress Transportation & Infrastructure Investors LLC 144A		5.50	5-1-2028		1,775,000	1,530,938
Fortress Transportation & Infrastructure Investors LLC 144A		6.50	10-1-2025		1,140,000	1,085,850
Fortress Transportation & Infrastructure Investors LLC 144A		9.75	8-1-2027		200,000	204,052
						2,820,840
Information technology: 3.86%
Communications equipment: 0.26%
Ciena Corporation 144A		4.00	1-31-2030		410,000	373,871
CommScope Technologies LLC 144A		5.00	3-15-2027		510,000	400,350
						774,221

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

Portfolio of investments—April 30, 2022 (unaudited)

		Interest rate	Maturity date	Principal		Value
Electronic equipment, instruments & components: 0.21%
Keysight Technologies		4.60%	4-6-2027	$	600,000	$      615,244
IT services: 0.96%
Sabre GLBL Incorporated 144A		7.38	9-1-2025		250,000	252,861
Sabre GLBL Incorporated 144A		9.25	4-15-2025		2,449,000	2,611,932
						2,864,793
Semiconductors & semiconductor equipment: 0.24%
Broadcom Corporation		3.50	1-15-2028		750,000	708,892
Software: 1.67%
MPH Acquisition Holdings LLC 144A		5.50	9-1-2028		640,000	592,800
MPH Acquisition Holdings LLC 144A		5.75	11-1-2028		2,305,000	2,007,620
NCR Corporation 144A		5.13	4-15-2029		195,000	185,738
NCR Corporation 144A		6.13	9-1-2029		1,000,000	957,500
SS&C Technologies Incorporated 144A		5.50	9-30-2027		500,000	490,020
VMware Incorporated		3.90	8-21-2027		750,000	732,524
						4,966,202
Technology hardware, storage & peripherals: 0.52%
Dell International LLC		6.02	6-15-2026		750,000	792,118
HP Incorporated		4.05	9-15-2022		750,000	755,359
						1,547,477
Materials: 2.88%
Chemicals: 0.41%
Chemours Company 144A		4.63	11-15-2029		950,000	822,938
Olympus Water US Holding Corporation 144A		4.25	10-1-2028		450,000	397,647
						1,220,585
Containers & packaging: 1.59%
Ball Corporation		2.88	8-15-2030		2,725,000	2,291,453
Berry Global Incorporated 144A		5.63	7-15-2027		175,000	174,347
Clydesdale Acquisition Holdings Incorporated 144A		8.75	4-15-2030		640,000	584,922
Crown Cork & Seal Company Incorporated		7.38	12-15-2026		750,000	796,875
Owens-Brockway Packaging Incorporated 144A		6.38	8-15-2025		600,000	598,500
Sealed Air Corporation 144A		5.00	4-15-2029		290,000	287,825
						4,733,922
Metals & mining: 0.85%
Arches Buyer Incorporated 144A		4.25	6-1-2028		800,000	710,984
Arches Buyer Incorporated 144A		6.13	12-1-2028		405,000	352,350
Cleveland-Cliffs Incorporated 144A		4.88	3-1-2031		700,000	647,500
Cleveland-Cliffs Incorporated		5.88	6-1-2027		540,000	537,300
Kaiser Aluminum Corporation 144A		4.63	3-1-2028		300,000	275,250
						2,523,384
Paper & forest products: 0.03%
Clearwater Paper Corporation 144A		4.75	8-15-2028		115,000	101,055

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

28  |  Allspring Multi-Sector Income Fund

Portfolio of investments—April 30, 2022 (unaudited)

		Interest rate	Maturity date	Principal		Value
Real estate: 2.58%
Equity REITs: 2.58%
Iron Mountain Incorporated 144A		4.50%	2-15-2031	$	1,625,000	$    1,392,414
Iron Mountain Incorporated 144A		5.25	7-15-2030		1,505,000	1,379,393
Omega HealthCare Investors Incorporated		4.50	4-1-2027		600,000	586,348
Service Properties Trust Company		3.95	1-15-2028		385,000	305,113
Service Properties Trust Company		4.75	10-1-2026		545,000	468,700
Service Properties Trust Company		4.95	2-15-2027		2,260,000	1,958,454
Service Properties Trust Company		7.50	9-15-2025		1,000,000	998,130
SITE Centers Corporation		4.70	6-1-2027		600,000	602,613
						7,691,165
Utilities: 2.72%
Electric utilities: 0.41%
NextEra Energy Operating Partners LP 144A		4.25	9-15-2024		16,000	15,720
NextEra Energy Operating Partners LP 144A		4.50	9-15-2027		400,000	378,892
PG&E Corporation		5.00	7-1-2028		100,000	92,019
PG&E Corporation		5.25	7-1-2030		800,000	727,032
						1,213,663
Independent power & renewable electricity producers: 2.31%
NSG Holdings LLC 144A		7.75	12-15-2025		1,732,410	1,771,389
TerraForm Power Operating LLC 144A		4.75	1-15-2030		1,480,000	1,332,000
TerraForm Power Operating LLC 144A		5.00	1-31-2028		2,475,000	2,311,415
Vistra Operations Company LLC 144A		5.63	2-15-2027		1,500,000	1,477,500
						6,892,304
Total Corporate bonds and notes (Cost $228,648,831)						217,340,663
Foreign corporate bonds and notes : 9.44%
Financials: 9.44%
Banks: 9.44%
European Investment Bank		2.85	12-13-2022	BRL	9,200,000	1,744,184
European Investment Bank		8.00	5-5-2027	ZAR	21,000,000	1,336,527
European Investment Bank		8.38	7-29-2022	ZAR	40,000,000	2,547,032
European Investment Bank		8.75	8-18-2025	ZAR	20,000,000	1,310,116
International Bank for Reconstruction & Development		5.75	1-14-2028	BRL	15,000,000	2,355,091
International Bank for Reconstruction & Development		6.75	2-9-2029	ZAR	60,000,000	3,597,910
International Bank for Reconstruction & Development		7.00	6-7-2023	ZAR	15,000,000	952,088
International Bank for Reconstruction & Development		8.25	6-22-2023	BRL	9,000,000	1,729,751
International Bank for Reconstruction & Development		9.50	2-9-2029	BRL	22,000,000	4,167,004
International Finance Corporation		7.50	5-9-2022	BRL	9,000,000	1,816,766
International Finance Corporation		8.25	1-30-2023	BRL	9,000,000	1,755,600
KfW		7.50	11-10-2022	ZAR	36,000,000	2,291,325

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

Portfolio of investments—April 30, 2022 (unaudited)

		Interest rate	Maturity date	Principal		Value
Banks (continued)
Landwirtschaftliche Rentenbank		8.25%	5-23-2022	ZAR	15,000,000	$      949,343
The Asian Development Bank		6.00	2-5-2026	BRL	9,000,000	1,552,115
						28,104,852
Total Foreign corporate bonds and notes (Cost $31,056,678)						28,104,852
Foreign government bonds : 19.36%
China Government Bond		3.02	5-27-2031	CNY	14,700,000	2,252,847
Colombia		6.25	11-26-2025	COP	15,000,000,000	3,407,175
Colombia		7.50	8-26-2026	COP	22,725,000,000	5,285,429
Hungary		1.50	4-22-2026	HUF	750,000,000	1,691,383
India		7.27	4-8-2026	INR	60,000,000	803,741
India		7.32	1-28-2024	INR	710,000,000	9,546,234
Indonesia		7.00	9-15-2030	IDR	115,000,000,000	7,900,548
Indonesia		5.50	4-15-2026	IDR	30,000,000,000	2,014,555
Mexico		7.75	5-29-2031	MXN	85,000,000	3,819,033
Mexico		8.50	5-31-2029	MXN	208,500,000	9,909,053
Romania		3.65	9-24-2031	RON	38,500,000	6,256,645
Romania		5.00	2-12-2029	RON	20,000,000	3,794,394
Russia (Acquired 8-9-2019, cost $5,916,196) †>		6.50	2-28-2024	RUB	390,000,000	334,793
Russia (Acquired 8-9-2019, cost $6,033,550) †>		6.90	5-23-2029	RUB	400,000,000	343,378
Russia (Acquired 9-30-2020, cost $4,624,558) †>		7.65	4-10-2030	RUB	325,000,000	278,994
Total Foreign government bonds (Cost $82,427,532)						57,638,202
Loans: 20.09%
Communication services: 1.57%
Diversified telecommunication services: 0.53%
Intelsat Jackson Holdings SA (U.S. SOFR +4.25%) <±		4.92	2-1-2029	$	1,615,928	1,567,450
Media: 0.76%
DIRECTV Financing LLC (1 Month LIBOR +5.00%) ±		5.76	8-2-2027		1,504,125	1,496,454
Hubbard Radio LLC (3 Month LIBOR +4.25%) ±		5.25	3-28-2025		766,069	760,323
						2,256,777
Wireless telecommunication services: 0.28%
Connect U.S. Finco LLC (1 Month LIBOR +3.50%) ±		4.50	12-11-2026		857,500	851,678
Consumer discretionary: 2.77%
Auto components: 0.56%
Clarios Global LP (1 Month LIBOR +3.25%) ±		4.01	4-30-2026		190,172	186,924
Truck Hero Incorporated (1 Month LIBOR +3.25%) ±		4.01	1-31-2028		1,583,008	1,474,572
						1,661,496

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

30  |  Allspring Multi-Sector Income Fund

Portfolio of investments—April 30, 2022 (unaudited)

		Interest rate	Maturity date	Principal		Value
Distributors: 0.84%
Spin Holdco Incorporated (1 Month LIBOR +4.00%) ±		4.75%	3-4-2028	$	2,507,882	$   2,494,716
Household durables: 0.18%
Wilsonart LLC (1 Month LIBOR +3.25%) ±		4.25	12-31-2026		587,554	556,290
Multiline retail: 0.51%
LSF9 Atlantis Holdings LLC (U.S. SOFR +7.25%) ‡±		8.00	3-31-2029		1,550,000	1,519,000
Specialty retail: 0.68%
Great Outdoors Group LLC (1 Month LIBOR +3.75%) ±		4.51	3-6-2028		1,208,392	1,194,798
Michaels Companies Incorporated (1 Month LIBOR +4.25%) ±		5.26	4-15-2028		384,033	349,351
Rent-A-Center Incorporated (1 Month LIBOR +3.25%) ±		3.81	2-17-2028		490,050	478,779
						2,022,928
Consumer staples: 0.06%
Food products: 0.06%
Naked Juice LLC (U.S. SOFR +3.25%) ±		4.00	1-24-2029		165,000	161,670
Energy: 1.88%
Oil, gas & consumable fuels: 1.88%
AL NGPL Holdings LLC (1 Month LIBOR +3.75%) ±		4.75	4-14-2028		735,716	733,186
Apergy Corporation (1 Month LIBOR +5.00%) ±		6.00	6-3-2027		2,273,086	2,275,927
GIP II Blue Holdings LP (1 Month LIBOR +1.00%) ±		5.51	9-29-2028		818,428	815,187
NorthRiver Midstream Finance LP (3 Month LIBOR +3.25%) ±		4.22	10-1-2025		912,464	905,967
Prairie ECI Acquiror LP (3 Month LIBOR +4.75%) ±		5.51	3-11-2026		900,000	880,497
						5,610,764
Financials: 3.45%
Diversified financial services: 2.43%
Mallinckrodt International Finance SA (3 Month LIBOR +5.25%) ±		6.25	9-24-2024		1,573,614	1,459,527
Resolute Investment Managers Incorporated (1 Month LIBOR +4.25%) ±		5.26	4-30-2024		2,490,811	2,461,744
Resolute Investment Managers Incorporated (1 Month LIBOR +8.00%) ‡±		9.24	4-30-2025		923,070	906,916
Russell Investments US Institutional Holdco Incorporated (1 Month LIBOR +3.50%) ±		5.00	5-30-2025		1,707,380	1,687,642
Solis IV BV (U.S. SOFR +3.50%) ±		4.00	2-26-2029		760,000	722,190
						7,238,019
Insurance: 0.73%
Asurion LLC (1 Month LIBOR +5.25%) ±		6.01	1-31-2028		2,250,000	2,180,385
Mortgage REITs: 0.29%
Claros Mortgage Trust Incorporated (U.S. SOFR +4.50%) ‡±		5.00	8-9-2026		862,838	858,523

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

Portfolio of investments—April 30, 2022 (unaudited)

		Interest rate	Maturity date	Principal		Value
Health care: 1.76%
Health care equipment & supplies: 0.50%
Surgery Center Holdings Incorporated (1 Month LIBOR +3.75%) ±		4.50%	8-31-2026	$	1,517,986	$   1,502,594
Health care providers & services: 0.44%
Padagis LLC (1 Month LIBOR +4.75%) ‡±		5.72	7-6-2028		381,176	380,224
Vizient Incorporated (U.S. SOFR 1 Month +2.25%) ‡<±		3.03	4-27-2029		935,000	931,494
						1,311,718
Health care technology: 0.58%
AthenaHealth Group Incorporated (U.S. SOFR +3.50%) ±		3.50	2-15-2029		127,588	125,674
AthenaHealth Group Incorporated (U.S. SOFR +3.50%) ±		4.01	2-15-2029		752,769	741,477
Change Healthcare Holdings Incorporated (1 Month LIBOR +2.50%) ±		3.50	3-1-2024		850,000	847,918
						1,715,069
Pharmaceuticals: 0.24%
Bausch Health Companies Incorporated (U.S. SOFR +5.25%) <±		5.75	1-27-2027		735,000	710,194
Industrials: 6.24%
Aerospace & defense: 1.00%
Spirit AeroSystems Incorporated (1 Month LIBOR +3.75%) ±		4.51	1-15-2025		2,982,363	2,973,506
Airlines: 1.66%
AAdvantage Loyalty IP Limited (1 Month LIBOR +4.75%) ±		5.81	4-20-2028		1,012,000	1,029,143
Mileage Plus Holdings LLC (1 Month LIBOR +5.25%) ±		6.25	6-21-2027		2,885,000	2,989,581
SkyMiles IP Limited (3 Month LIBOR +3.75%) ±		4.81	10-20-2027		910,000	939,193
						4,957,917
Commercial services & supplies: 2.67%
Allied Universal Holdco LLC (1 Month LIBOR +3.75%) ±		4.51	5-12-2028		791,025	769,683
Amentum Government Services Holdings LLC (U.S. SOFR +4.00%) ±		4.65	2-15-2029		360,000	356,850
MIP V Waste Holdings LLC (1 Month LIBOR +3.25%) ±		4.01	12-8-2028		350,000	347,813
Polaris Newco LLC (1 Month LIBOR +4.00%) ±		4.76	6-2-2028		1,980,262	1,957,152
Ring Container Technologies (1 Month LIBOR +3.75%) ±		4.27	8-12-2028		1,591,013	1,578,587
The Geo Group Incorporated (3 Month LIBOR +2.00%) <±		2.77	3-22-2024		3,133,658	2,952,689
						7,962,774
Machinery: 0.91%
Alliance Laundry Systems LLC (1 Month LIBOR +3.50%) ±		4.52	10-8-2027		1,841	1,829

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

32  |  Allspring Multi-Sector Income Fund

Portfolio of investments—April 30, 2022 (unaudited)

		Interest rate	Maturity date	Principal		Value
Machinery (continued)
TK Elevator US Newco Incorporated (1 Month LIBOR +3.50%) ±		4.02%	7-30-2027	$	1,300,882	$    1,287,067
Werner FinCo LP (3 Month LIBOR +4.00%) ±		5.01	7-24-2024		1,427,242	1,407,617
						2,696,513
Information technology: 1.72%
IT services: 0.13%
Applied Systems Incorporated (1 Month LIBOR +2.00%) ±		4.01	9-19-2024		378,167	376,798
Software: 1.59%
Emerald Topco Incorporated (1 Month LIBOR +3.50%) ±		4.74	7-24-2026		675,767	665,509
Greeneden US Holdings II LLC (1 Month LIBOR +4.00%) <±		0.00	12-1-2027		850,000	846,813
McAfee LLC (U.S. SOFR +4.00%) ±		4.50	3-1-2029		875,000	850,938
Nexus Buyer LLC (1 Month LIBOR +6.25%) ±		6.75	10-29-2029		1,010,000	996,426
Sophia LP (1 Month LIBOR +3.25%) ±		4.26	10-7-2027		1,402,303	1,384,774
						4,744,460
Materials: 0.64%
Chemicals: 0.26%
Olympus Water US Holding Corporation (1 Month LIBOR +3.75%) ±		4.75	11-9-2028		798,000	781,442
Containers & packaging: 0.37%
Clydesdale Acquisition Holdings Incorporated (U.S. SOFR +4.25%) ±		4.78	4-13-2029		800,000	788,904
Graham Packaging Company Incorporated (1 Month LIBOR +3.00%) ±		3.76	8-4-2027		308,992	302,253
						1,091,157
Paper & forest products: 0.01%
Clearwater Paper Corporation (1 Month LIBOR +3.00%) ‡±		3.63	7-26-2026		20,000	19,800
Total Loans (Cost $60,548,163)						59,823,638
Non-agency mortgage-backed securities: 7.11%
ACE Securities Corporation (1 Month LIBOR +2.63%) ±		2.42	6-25-2033		2,809	2,809
Banc of America Funding Corporation Series 2005 Class 5-1A1		5.50	9-25-2035		90,286	90,125
Banc of America Funding Corporation Series 2005 Class D-A1 ±±		2.73	5-25-2035		142,486	144,565
Banc of America Merrill Lynch Commercial Mortgage Incorporated Series 2017-BNK6 Class D 144A		3.10	7-15-2060		1,000,000	830,644
Banc of America Mortgage Securities Series 2003 Class 1A1 ±±		2.32	4-25-2033		243,958	235,561
Benchmark Mortgage Trust Series 2018-B1 Class A2		3.57	1-15-2051		173,924	174,327
Brookside Mill CLO Limited Series 2013 Class 1A (3 Month LIBOR +2.65%) 144A±		3.69	1-17-2028		1,000,000	1,000,000
Centex Home Equity Series 2002-A Class AF6		5.54	1-25-2032		8,186	8,174

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

Portfolio of investments—April 30, 2022 (unaudited)

		Interest rate	Maturity date	Principal		Value
Non-agency mortgage-backed securities (continued)
Citigroup Commercial Mortgage Trust Series 2012-GC8 Class C 144A±±		5.01%	9-10-2045	$	1,000,000	$      998,075
Citigroup Commercial Mortgage Trust Series 2017-MDRB Class A (1 Month LIBOR +1.10%) 144A±		1.65	7-15-2030		126,890	126,674
Commercial Mortgage Trust Series 2012-CR2 Class C ±±		4.96	8-15-2045		1,000,000	995,680
Commercial Mortgage Trust Series 2012-CR4 Class B 144A		3.70	10-15-2045		1,000,000	870,000
Commercial Mortgage Trust Series 2012-CR5 Class E 144A±±		4.46	12-10-2045		1,000,000	956,910
Commercial Mortgage Trust Series 2012-LC4 Class C ±±		5.46	12-10-2044		500,000	494,663
Commercial Mortgage Trust Series 2013-LC13 Class D 144A±±		5.44	8-10-2046		1,103,000	1,018,068
Countrywide Home Loans Series 2003-48 Class 2A2 ±±		2.29	10-25-2033		27,382	25,760
Credit Suisse First Boston Mortgage Securities Series 2002-AR25 Class 1A1 ±±		2.13	9-25-2032		246,121	237,753
Credit Suisse First Boston Mortgage Securities Series 2003-AR15 Class 3A1 ±±		2.28	6-25-2033		35,380	35,088
Credit Suisse First Boston Mortgage Securities Series 2003-AR9 Class 2A2 ±±		2.34	3-25-2033		8,059	8,145
Credit Suisse First Boston Mortgage Securities Series 2014-USA Class D 144A		4.37	9-15-2037		750,000	635,130
Global Mortgage Securitization Limited Series 2004-A Class A2 (1 Month LIBOR +0.32%) 144A±		0.99	11-25-2032		29,034	27,944
Goldman Sachs Mortgage Securities Trust Series 2010-C1 Class X 144A♀±±		0.59	8-10-2043		682,126	3,622
Goldman Sachs Mortgage Securities Trust Series 2019-GSA1 Class C ±±		3.93	11-10-2052		1,000,000	897,907
Goldman Sachs Mortgage Securities Trust Series 2020-DUNE Class D (1 Month LIBOR +1.90%) 144A±		2.45	12-15-2036		1,000,000	981,391
GSAA Home Equity Trust Series 2004-5 Class AF5		4.40	6-25-2034		25	24
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-C6 Class E 144A±±		5.35	5-15-2045		520,000	401,861
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-C17 Class B ±±		5.05	1-15-2047		50,000	50,178
JPMorgan Mortgage Trust Series 2004-A3 Class 2A1 ±±		2.24	7-25-2034		2,695	2,729
JPMorgan Mortgage Trust Series 2004-A3 Class 3A3 ±±		2.29	7-25-2034		18,917	18,256
JPMorgan Mortgage Trust Series 2005-A3 Class 11A2 ±±		2.49	6-25-2035		73,775	73,695
MASTR Adjustable Rate Mortgage Trust Series 2003-6 Class 3A1 ±±		2.19	12-25-2033		53,055	54,458
MASTR Adjustable Rate Mortgage Trust Series 2003-6 Class 4A2 ±±		3.02	1-25-2034		3,578	3,714
MASTR Adjustable Rate Mortgage Trust Series 2004-13 Class 3A7 ±±		2.76	11-21-2034		4,288	4,243

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

34  |  Allspring Multi-Sector Income Fund

Portfolio of investments—April 30, 2022 (unaudited)

		Interest rate	Maturity date	Principal		Value
Non-agency mortgage-backed securities (continued)
MASTR Alternative Loans Trust Series 2005-1 Class 5A1		5.50%	3-25-2036	$	442	$          400
MF1 Multifamily Housing Mortgage Loan Trust Series 2022 Class FL8-C (30 Day Average U.S. SOFR +2.20%) 144A±		2.47	2-19-2037		1,000,000	997,029
MFRA Trust Series 2022-NQM1 Class M1 144A±±		4.34	12-25-2066		1,000,000	935,768
Mid-State Trust Series 11 Class A1		4.86	7-15-2038		96,722	96,252
MLCC Mortgage Investors Incorporated Series 2003-G Class A2 (6 Month LIBOR +0.68%) ±		0.93	1-25-2029		22,566	22,398
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5 Class XA 144A♀±±		1.45	8-15-2045		576,681	29
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C11 Class A4 ±±		4.30	8-15-2046		569,000	566,670
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C7 Class D 144A±±		4.35	2-15-2046		692,000	531,301
Morgan Stanley Mortgage Loan Trust Series 2004-4 Class 2A ±±		6.39	9-25-2034		14,292	14,794
New Century Home Equity Loan Trust Series 2004-3 Class M1 (1 Month LIBOR +0.93%) ±		1.60	11-25-2034		782,754	760,814
Parallel Limited Series 2021-1A Class D (3 Month LIBOR +3.45%) 144A±		4.49	7-15-2034		1,000,000	950,732
Sequoia Mortgage Trust Series 2003-1 Class 1A (1 Month LIBOR +0.76%) ±		0.97	4-20-2033		4,372	4,219
SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE Class D 144A±±		4.53	1-5-2043		1,000,000	640,864
Sound Point CLO Limited Series 2015-1RA Class BR (3 Month LIBOR +1.55%) 144A±		2.59	4-15-2030		1,000,000	982,913
Starwood Commercial Mortgage Trust Series 2022-FL3 Class A (30 Day Average U.S. SOFR +1.35%) 144A±		1.62	11-15-2038		1,200,000	1,180,500
Structured Adjustable Rate Mortgage Loan Trust Series 2004-2 Class 2A ±±		2.77	3-25-2034		18,189	18,517
Terwin Mortgage Trust Series 2003-6HE Class A3 (1 Month LIBOR +1.14%) ±		1.24	11-25-2033		110,861	107,730
TPG Real Estate Finance Trust Series 2022-FL5 Class A (30 Day Average U.S. SOFR +1.65%) 144A±		1.92	2-15-2039		500,000	500,181
Vendee Mortgage Trust Series 2003-2 Class IO ♀±±		0.54	5-15-2033		1,473,654	24,073
Verus Securitization Trust Series 2021-1 Class A2 144A±±		1.05	1-25-2066		494,812	470,904
Washington Mutual Mortgage Trust Series 2004-RA4 Class 3A		7.50	7-25-2034		63,595	63,712
Westgate Resorts Series 2022-1A Class C 144A		2.49	8-20-2036		940,175	906,849
Total Non-agency mortgage-backed securities (Cost $22,675,937)						21,184,822

    

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

Portfolio of investments—April 30, 2022 (unaudited)

			Expiration date	Shares		Value
Rights: 0.00%
Communication services: 0.00%
Diversified telecommunication services: 0.00%
Intelsat Jackson Holdings SA Series A Contingent Value Rights ♦†			12-5-2025		4,210	$           0
Intelsat Jackson Holdings SA Series B Contingent Value Rights ♦†			12-5-2025		4,210	0
Total Rights (Cost $0)						0

    

		Interest rate	Maturity date	Principal
Yankee corporate bonds and notes: 10.96%
Communication services: 0.53%
Diversified telecommunication services: 0.00%
Intelsat Jackson Holdings SA ♦†		5.50%	8-1-2023	$	4,300,000	0
Media: 0.06%
Virgin Media Finance plc 144A		5.00	7-15-2030		200,000	174,000
Wireless telecommunication services: 0.47%
Connect U.S. Finco LLC 144A		6.75	10-1-2026		750,000	729,375
Telesat Canada 144A		5.63	12-6-2026		360,000	257,020
VMED O2 UK Financing I plc 144A		4.75	7-15-2031		500,000	428,750
						1,415,145
Consumer discretionary: 0.49%
Hotels, restaurants & leisure: 0.21%
GENM Capital Labuan Limited 144A		3.88	4-19-2031		750,000	619,577
Internet & direct marketing retail: 0.28%
Prosus NV 144A		4.19	1-19-2032		1,000,000	844,005
Energy: 1.42%
Energy equipment & services: 0.13%
Nabors Industries Limited 144A		7.25	1-15-2026		400,000	390,916
Oil, gas & consumable fuels: 1.29%
Baytex Energy Corporation 144A		8.75	4-1-2027		1,800,000	1,902,942
Cenovus Energy Incorporated		4.40	4-15-2029		750,000	743,052
Northriver Midstream Finance LP 144A		5.63	2-15-2026		1,227,000	1,196,325
						3,842,319
Financials: 2.13%
Banks: 0.86%
ABN AMRO Bank NV 144A		4.80	4-18-2026		750,000	753,518
Corporación Andina de Fomento		4.38	6-15-2022		958,000	959,745
NatWest Group plc (5 Year Treasury Constant Maturity +2.35%) ±		3.03	11-28-2035		1,000,000	838,267
						2,551,530
Capital markets: 0.19%
Credit Suisse Group AG (5 Year Treasury Constant Maturity +3.55%) 144Aʊ±		4.50	9-3-2030		700,000	561,750

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

36  |  Allspring Multi-Sector Income Fund

Portfolio of investments—April 30, 2022 (unaudited)

		Interest rate	Maturity date	Principal		Value
Diversified financial services: 0.23%
Castlelake Aviation Finance 144A		5.00%	4-15-2027	$	770,000	$      693,000
Insurance: 0.85%
Allied World Assurance Company Holdings Limited		4.35	10-29-2025		385,000	382,637
Athene Holding Limited		4.13	1-12-2028		750,000	721,523
Fairfax Financial Holdings Limited		4.85	4-17-2028		750,000	753,496
Sompo International Holdings Limited		7.00	7-15-2034		575,000	674,460
						2,532,116
Health care: 2.19%
Biotechnology: 0.38%
Grifols Escrow Issuer SA 144A		4.75	10-15-2028		1,230,000	1,122,252
Pharmaceuticals: 1.81%
Bausch Health Companies Incorporated 144A		4.88	6-1-2028		380,000	337,155
Bausch Health Companies Incorporated 144A		5.25	1-30-2030		3,300,000	2,290,530
Bausch Health Companies Incorporated 144A		6.25	2-15-2029		600,000	436,656
Bausch Health Companies Incorporated 144A		7.00	1-15-2028		100,000	82,500
Teva Pharmaceutical Finance Netherlands III BV		4.75	5-9-2027		185,000	169,275
Teva Pharmaceutical Finance Netherlands III BV		5.13	5-9-2029		185,000	167,888
Teva Pharmaceutical Finance Netherlands III BV		6.00	4-15-2024		1,410,000	1,410,000
Teva Pharmaceutical Finance Netherlands III BV		6.75	3-1-2028		500,000	507,624
						5,401,628
Industrials: 3.45%
Aerospace & defense: 0.56%
Bombardier Incorporated 144A		6.00	2-15-2028		185,000	160,025
Bombardier Incorporated 144A		7.13	6-15-2026		270,000	248,400
Bombardier Incorporated 144A		7.88	4-15-2027		1,350,000	1,257,620
						1,666,045
Airlines: 1.21%
Air Canada Pass-Through Trust Series 2020-1 Class C 144A		10.50	7-15-2026		2,276,000	2,569,913
VistaJet 144A		6.38	2-1-2030		1,185,000	1,034,126
						3,604,039
Electrical equipment: 0.59%
Sensata Technologies BV 144A		4.00	4-15-2029		1,690,000	1,506,576
Sensata Technologies BV 144A		5.00	10-1-2025		260,000	258,050
						1,764,626
Machinery: 0.07%
TK Elevator Holdco GmbH 144A		7.63	7-15-2028		224,000	215,566
Metals & mining: 0.26%
Glencore Finance Canada Limited 144A		4.25	10-25-2022		750,000	754,643
Trading companies & distributors: 0.76%
Fly Leasing Limited 144A		7.00	10-15-2024		2,575,000	2,266,541

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

Portfolio of investments—April 30, 2022 (unaudited)

		Interest rate	Maturity date	Principal		Value
Materials: 0.61%
Containers & packaging: 0.32%
Ardagh Packaging Finance plc 144A		4.13%	8-15-2026	$	75,000	$       69,375
Ardagh Packaging Finance plc 144A		5.25	4-30-2025		125,000	124,166
Ardagh Packaging Finance plc 144A		5.25	8-15-2027		880,000	755,700
						949,241
Metals & mining: 0.29%
Constellium SE 144A		5.88	2-15-2026		860,000	851,538
Utilities: 0.14%
Multi-utilities: 0.14%
Veolia Environnement SA		6.75	6-1-2038		350,000	430,464
Total Yankee corporate bonds and notes (Cost $35,436,247)						32,650,941
Yankee government bonds: 0.25%
Republic of Trinidad and Tobago 144A		4.50	8-4-2026		750,000	742,508
Total Yankee government bonds (Cost $746,746)						742,508