UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-21331
Allspring Multi-Sector Income Fund
(Exact name of registrant as specified in charter)
1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203
(Address of principal executive offices) (Zip code)
Mathew Prasse
Allspring Funds Management, LLC
1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-222-8222
Date of fiscal year end: October 31
Date of reporting period: April 30, 2023
ITEM 1. REPORT TO STOCKHOLDERS
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Allspring Funds
President
Allspring Funds
Notice to Shareholders |
• On November 16, 2022, the Fund announced a renewal of its open-market share repurchase program (the “Buyback Program”). Under the renewed Buyback Program, the Fund may repurchase up to 5% of its outstanding shares in open market transactions during the period beginning on January 1, 2023 and ending on December 31, 2023. The Fund’s Board of Trustees has delegated to Allspring Funds Management, LLC, the Fund’s adviser, discretion to administer the Buyback Program, including the determination of the amount and timing of repurchases in accordance with the best interests of the Fund and subject to applicable legal limitations. |
• The Fund’s managed distribution plan provides for the declaration of monthly distributions to common shareholders of the Fund at an annual minimum fixed rate of 8% based on the Fund’s average monthly net asset value per share over the prior 12 months. Under the managed distribution plan, monthly distributions may be sourced from income, paid-in capital, and/or capital gains, if any. To the extent that sufficient investment income is not available on a monthly basis, the Fund may distribute paid-in capital and/or capital gains, if any, in order to maintain its managed distribution level. You should not draw any conclusions about the Fund’s investment performance from the amount of the Fund’s distributions or from the terms of the managed distribution plan. Shareholders may elect to reinvest distributions received pursuant to the managed distribution plan in the Fund under the existing dividend reinvestment plan, which is described later in this report. |
Investment objective | The Fund seeks a high level of current income consistent with limiting its overall exposure to domestic interest rate risk. |
Strategy summary | The Fund allocates its assets between three separate investment strategies, or sleeves. Under normal market conditions, the Fund allocates approximately 30%-70% of its total assets to a sleeve consisting of below investment-grade (high yield) debt; approximately 10%-40% to a sleeve of foreign debt securities, including emerging market debt; and approximately 10%-30% to a sleeve of adjustable-rate and fixed-rate mortgage-backed securities, and investment-grade corporate bonds. |
Adviser | Allspring Funds Management, LLC |
Subadvisers | Allspring Global Investments, LLC |
Allspring Global Investments (UK) Limited | |
Portfolio managers | 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, 20231 | ||||
6 months | 1 year | 5 year | 10 year | |
Based on market value | 6.24 | 2.71 | 2.81 | 3.34 |
Based on net asset value (NAV) | 8.36 | 2.04 | 2.80 | 3.70 |
Multi-Sector Income Blended Index2 | 8.28 | 1.45 | 1.56 | 2.22 |
Bloomberg U.S. Credit Bond Index3 | 8.97 | 0.72 | 1.88 | 2.08 |
Bloomberg U.S. Securitized Index4 | 6.66 | -0.84 | 0.51 | 1.05 |
ICE BofA U.S. High Yield Constrained Index5 | 5.92 | 1.10 | 3.11 | 3.94 |
J.P. Morgan GBI-EM Global Diversified Composite Index6 | 16.06 | 6.56 | -1.62 | -1.77 |
J.P. Morgan Global Government Bond Index (ex U.S.)7 | 10.21 | -6.12 | -3.94 | -1.62 |
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 2023. 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. |
Growth of $10,000 investment as of April 30, 20231 |
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. |
Ten largest holdings (%) as of April 30, 20231 | |
Mexico, 8.50%, 5-31-2029 | 4.14 |
India, 7.32%, 1-28-2024 | 3.15 |
Indonesia, 7.00%, 9-15-2030 | 2.92 |
Romania, 3.65%, 9-24-2031 | 2.40 |
Geo Group, Inc., 12.11%, 3-23-2027 | 1.80 |
Hungary, 1.50%, 4-22-2026 | 1.61 |
Mexico, 7.75%, 5-29-2031 | 1.61 |
Colombia TES, 7.50%, 8-26-2026 | 1.57 |
International Bank for Reconstruction & Development, 9.50%, 2-9-2029 | 1.52 |
New Zealand, 3.50%, 4-14-2033 | 1.50 |
1 | Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Credit quality as of April 30, 20231 |
1 | The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. |
Effective maturity distribution as of April 30, 20231 |
1 | Figures represent the percentage of the Fund’s fixed-income securities. Allocations are subject to change and may have changed since the date specified. |
Geographic allocation as of April 30, 20231 |
1 | Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Interest rate | Maturity date | Principal | Value | |||
Agency securities: 0.17% | ||||||
FHLMC (5 Year Treasury Constant Maturity +2.11%) ± | 2.66 % | 9-1-2032 | $ | 223,753 | $213,988 | |
FHLMC (1 Year Treasury Constant Maturity +2.25%) ± | 4.36 | 2-1-2037 | 44,242 | 45,237 | ||
FHLMC Series 2567 Class FH (1 Month LIBOR +0.40%) ± | 5.35 | 2-15-2033 | 22,911 | 22,820 | ||
FHLMC Series 2390 Class FD (1 Month LIBOR +0.45%) ± | 5.40 | 12-15-2031 | 5,433 | 5,423 | ||
FHLMC | 8.50 | 7-1-2028 | 6,923 | 7,107 | ||
FNMA Series 1997-20 Class IO ƒ±± | 1.84 | 3-25-2027 | 14,729 | 87 | ||
FNMA Series 2002-77 Class FH (1 Month LIBOR +0.40%) ± | 5.36 | 12-18-2032 | 8,952 | 8,933 | ||
FNMA Series 2001-57 Class F (1 Month LIBOR +0.50%) ± | 5.52 | 6-25-2031 | 1,665 | 1,663 | ||
FNMA Series 2002-97 Class FR (1 Month LIBOR +0.55%) ± | 5.57 | 1-25-2033 | 2,481 | 2,482 | ||
FNMA Series 2001-35 Class F (1 Month LIBOR +0.60%) ± | 5.62 | 7-25-2031 | 1,654 | 1,652 | ||
FNMA Series 2001-25 Class Z | 6.00 | 6-25-2031 | 23,893 | 24,343 | ||
FNMA | 6.00 | 4-1-2033 | 42,461 | 42,312 | ||
GNMA Series 2019-H06 Class HI ƒ±± | 1.82 | 4-20-2069 | 2,895,309 | 90,698 | ||
GNMA | 6.50 | 6-15-2028 | 9,204 | 9,441 | ||
Total agency securities (Cost $525,259) | 476,186 | |||||
Asset-backed securities: 4.08% | ||||||
ABFC Trust Series 2003-AHL1 Class A1 | 4.18 | 3-25-2033 | 68,194 | 66,495 | ||
ACRES Commercial Realty Ltd. Series 2021-FL2 Class A (1 Month LIBOR +1.40%) 144A± | 6.35 | 1-15-2037 | 500,000 | 485,625 | ||
Aqua Finance Trust Series 2021-A Class A 144A | 1.54 | 7-17-2046 | 436,506 | 392,257 | ||
Bear Stearns Asset-Backed Securities Trust Series 2002-2 Class A1 (1 Month LIBOR +0.66%) ± | 5.68 | 10-25-2032 | 48,334 | 47,602 | ||
BRSP Ltd. Series 2021-FL1 Class A (1 Month LIBOR +1.15%) 144A± | 6.10 | 8-19-2038 | 360,000 | 344,823 | ||
Centex Home Equity Loan Trust Series 2002-A Class AF6 | 5.54 | 1-25-2032 | 5,914 | 5,756 | ||
DT Auto Owner Trust Series 2019-2A Class D 144A | 3.48 | 2-18-2025 | 253,379 | 252,679 | ||
Five Guys Funding LLC Series 2017-1A Class A2 144A | 4.60 | 7-25-2047 | 985,000 | 961,631 | ||
GSAA Home Equity Trust Series 2004-5 Class AF5 | 4.41 | 6-25-2034 | 5 | 5 | ||
HGI CRE CLO Ltd. Series 2021-FL1 Class A (1 Month LIBOR +1.05%) 144A± | 6.00 | 6-16-2036 | 338,598 | 327,805 | ||
Home Partners Of America Trust Series 2021-1 Class D 144A | 2.48 | 9-17-2041 | 817,320 | 667,371 | ||
MESA Trust Series 2001-5 Class A (1 Month LIBOR +0.80%) 144A± | 5.82 | 12-25-2031 | 464 | 464 | ||
MF1 Ltd. Series 2022-FL8 Class C (30 Day Average U.S. SOFR +2.20%) 144A± | 6.98 | 2-19-2037 | 1,000,000 | 920,941 | ||
Mid-State Trust XI Series 11 Class A1 | 4.86 | 7-15-2038 | 72,614 | 70,459 | ||
New Century Home Equity Loan Trust Series 2004-3 Class M1 (1 Month LIBOR +0.93%) ± | 5.95 | 11-25-2034 | 702,434 | 670,824 | ||
Octane Receivables Trust Series 2022-1A Class A2 144A | 4.18 | 3-20-2028 | 842,983 | 829,670 | ||
Parallel Ltd. Series 2021-1A Class D (3 Month LIBOR +3.45%) 144A± | 8.71 | 7-15-2034 | 1,000,000 | 909,347 | ||
PFS Financing Corp. Series 2021-A Class A 144A | 0.71 | 4-15-2026 | 1,000,000 | 952,914 | ||
Sound Point Clo VIII-R Ltd. Series 2015-1RA Class BR (3 Month LIBOR +1.55%) 144A± | 6.81 | 4-15-2030 | 1,000,000 | 959,083 | ||
Starwood Ltd. Series 2022-FL3 Class A (30 Day Average U.S. SOFR +1.35%) 144A± | 6.10 | 11-15-2038 | 1,200,000 | 1,174,500 |
Interest rate | Maturity date | Principal | Value | |||
Asset-backed securities (continued) | ||||||
Terwin Mortgage Trust Series TMTS Series 2003-6HE Class A3 (1 Month LIBOR +1.14%) ± | 6.16 % | 11-25-2033 | $ | 100,149 | $86,574 | |
TRTX Issuer Ltd. Series 2022-FL5 Class A (30 Day Average U.S. SOFR +1.65%) 144A± | 6.40 | 2-15-2039 | 500,000 | 485,000 | ||
Westgate Resorts LLC Series 2022-1A Class C 144A | 2.49 | 8-20-2036 | 662,747 | 624,412 | ||
Total asset-backed securities (Cost $11,712,414) | 11,236,237 |
Shares | ||||||
Common stocks: 0.45% | ||||||
Energy: 0.33% | ||||||
Energy equipment & services: 0.15% | ||||||
Bristow Group, Inc. † | 18,989 | 424,784 | ||||
Oil, gas & consumable fuels: 0.18% | ||||||
Denbury, Inc. † | 5,183 | 483,989 | ||||
Financials: 0.12% | ||||||
Mortgage real estate investment trusts (REITs): 0.12% | ||||||
Starwood Property Trust, Inc. | 18,508 | 331,108 | ||||
Total common stocks (Cost $853,421) | 1,239,881 |
Principal | ||||||
Corporate bonds and notes: 67.70% | ||||||
Basic materials: 0.10% | ||||||
Chemicals: 0.10% | ||||||
Avient Corp. 144A | 7.13 | 8-1-2030 | $ | 265,000 | 270,833 | |
Communications: 9.98% | ||||||
Advertising: 0.48% | ||||||
Clear Channel Outdoor Holdings, Inc. 144A | 7.50 | 6-1-2029 | 950,000 | 702,994 | ||
Outfront Media Capital LLC/Outfront Media Capital Corp. 144A | 4.63 | 3-15-2030 | 675,000 | 569,855 | ||
Outfront Media Capital LLC/Outfront Media Capital Corp. 144A | 5.00 | 8-15-2027 | 50,000 | 46,166 | ||
1,319,015 | ||||||
Internet: 2.98% | ||||||
Arches Buyer, Inc. 144A | 4.25 | 6-1-2028 | 500,000 | 430,360 | ||
Arches Buyer, Inc. 144A | 6.13 | 12-1-2028 | 1,235,000 | 1,071,362 | ||
Cablevision Lightpath LLC 144A | 3.88 | 9-15-2027 | 605,000 | 504,956 | ||
Cablevision Lightpath LLC 144A | 5.63 | 9-15-2028 | 140,000 | 102,264 | ||
Match Group Holdings II LLC 144A | 5.63 | 2-15-2029 | 2,741,000 | 2,577,147 | ||
Uber Technologies, Inc. 144A | 4.50 | 8-15-2029 | 2,060,000 | 1,894,340 | ||
Uber Technologies, Inc. 144A | 8.00 | 11-1-2026 | 1,600,000 | 1,640,464 | ||
8,220,893 | ||||||
Media: 5.92% | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. 144A | 4.25 | 1-15-2034 | 3,090,000 | 2,353,778 |
Interest rate | Maturity date | Principal | Value | |||
Media (continued) | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. 144A | 4.50 % | 8-15-2030 | $ | 1,900,000 | $1,595,429 | |
CCO Holdings LLC/CCO Holdings Capital Corp. | 4.50 | 5-1-2032 | 250,000 | 200,144 | ||
CCO Holdings LLC/CCO Holdings Capital Corp. 144A | 5.00 | 2-1-2028 | 150,000 | 138,689 | ||
CCO Holdings LLC/CCO Holdings Capital Corp. 144A | 5.13 | 5-1-2027 | 600,000 | 566,142 | ||
Charter Communications Operating LLC/Charter Communications Operating Capital | 5.05 | 3-30-2029 | 675,000 | 654,092 | ||
CSC Holdings LLC 144A | 4.63 | 12-1-2030 | 625,000 | 305,079 | ||
CSC Holdings LLC 144A | 5.75 | 1-15-2030 | 1,750,000 | 893,102 | ||
CSC Holdings LLC 144A | 11.25 | 5-15-2028 | 300,000 | 298,980 | ||
Directv Financing LLC/Directv Financing Co.-Obligor, Inc. 144A | 5.88 | 8-15-2027 | 415,000 | 364,191 | ||
DISH Network Corp. 144A | 11.75 | 11-15-2027 | 600,000 | 566,787 | ||
Gray Escrow II, Inc. 144A | 5.38 | 11-15-2031 | 2,300,000 | 1,474,347 | ||
Gray Television, Inc. 144A | 4.75 | 10-15-2030 | 1,850,000 | 1,195,072 | ||
Nexstar Media, Inc. 144A | 5.63 | 7-15-2027 | 750,000 | 704,385 | ||
Scripps Escrow II, Inc. 144A | 3.88 | 1-15-2029 | 170,000 | 132,151 | ||
Scripps Escrow II, Inc. 144A | 5.38 | 1-15-2031 | 2,425,000 | 1,685,375 | ||
Scripps Escrow, Inc. 144A | 5.88 | 7-15-2027 | 640,000 | 458,963 | ||
Sirius XM Radio, Inc. 144A | 4.13 | 7-1-2030 | 1,320,000 | 1,058,769 | ||
Townsquare Media, Inc. 144A | 6.88 | 2-1-2026 | 1,785,000 | 1,664,102 | ||
16,309,577 | ||||||
Telecommunications: 0.60% | ||||||
CommScope Technologies LLC 144A | 5.00 | 3-15-2027 | 975,000 | 673,588 | ||
CommScope, Inc. 144A | 4.75 | 9-1-2029 | 275,000 | 222,075 | ||
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC 144A | 5.15 | 9-20-2029 | 750,000 | 745,905 | ||
1,641,568 | ||||||
Consumer, cyclical: 12.55% | ||||||
Airlines: 1.65% | ||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 144A | 5.50 | 4-20-2026 | 340,000 | 333,878 | ||
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 144A | 5.75 | 4-20-2029 | 510,000 | 484,645 | ||
Hawaiian Airlines Pass-Through Certificates Series 2013-1 Class 1A | 3.90 | 7-15-2027 | 722,367 | 650,366 | ||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. 144A | 5.75 | 1-20-2026 | 885,000 | 824,483 | ||
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. 144A | 6.50 | 6-20-2027 | 850,000 | 848,640 | ||
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 144A | 8.00 | 9-20-2025 | 1,380,000 | 1,393,146 | ||
4,535,158 | ||||||
Apparel: 0.07% | ||||||
Crocs, Inc. 144A | 4.25 | 3-15-2029 | 210,000 | 186,283 | ||
Auto manufacturers: 2.00% | ||||||
Allison Transmission, Inc. 144A | 5.88 | 6-1-2029 | 240,000 | 236,354 | ||
Ford Motor Co. | 3.25 | 2-12-2032 | 645,000 | 500,208 | ||
Ford Motor Co. | 4.75 | 1-15-2043 | 1,010,000 | 758,812 |
Interest rate | Maturity date | Principal | Value | |||
Auto manufacturers (continued) | ||||||
Ford Motor Credit Co. LLC | 4.00 % | 11-13-2030 | $ | 590,000 | $505,905 | |
Ford Motor Credit Co. LLC | 4.39 | 1-8-2026 | 1,340,000 | 1,273,118 | ||
Ford Motor Credit Co. LLC | 5.11 | 5-3-2029 | 2,175,000 | 2,026,602 | ||
Ford Motor Credit Co. LLC | 5.13 | 6-16-2025 | 225,000 | 219,024 | ||
5,520,023 | ||||||
Auto parts & equipment: 0.29% | ||||||
Cooper Tire & Rubber Co. | 7.63 | 3-15-2027 | 805,000 | 801,321 | ||
Distribution/wholesale: 0.55% | ||||||
G-III Apparel Group Ltd. 144A | 7.88 | 8-15-2025 | 1,595,000 | 1,500,704 | ||
Entertainment: 3.28% | ||||||
CCM Merger, Inc. 144A | 6.38 | 5-1-2026 | 2,505,000 | 2,448,638 | ||
Churchill Downs, Inc. 144A | 4.75 | 1-15-2028 | 1,415,000 | 1,339,999 | ||
Churchill Downs, Inc. 144A | 6.75 | 5-1-2031 | 205,000 | 206,343 | ||
Cinemark USA, Inc. 144A | 5.25 | 7-15-2028 | 1,650,000 | 1,471,415 | ||
Cinemark USA, Inc. 144A | 5.88 | 3-15-2026 | 420,000 | 401,297 | ||
Cinemark USA, Inc. 144A | 8.75 | 5-1-2025 | 603,000 | 615,060 | ||
Live Nation Entertainment, Inc. 144A | 3.75 | 1-15-2028 | 735,000 | 657,825 | ||
Live Nation Entertainment, Inc. 144A | 5.63 | 3-15-2026 | 528,000 | 513,731 | ||
Live Nation Entertainment, Inc. 144A | 6.50 | 5-15-2027 | 1,380,000 | 1,395,561 | ||
9,049,869 | ||||||
Home builders: 0.40% | ||||||
Toll Brothers Finance Corp. | 4.35 | 2-15-2028 | 745,000 | 713,256 | ||
Tri Pointe Homes, Inc. | 5.70 | 6-15-2028 | 405,000 | 397,406 | ||
1,110,662 | ||||||
Leisure time: 1.25% | ||||||
Carnival Holdings Bermuda Ltd. 144A | 10.38 | 5-1-2028 | 1,200,000 | 1,290,101 | ||
NCL Corp. Ltd. 144A | 5.88 | 3-15-2026 | 950,000 | 818,299 | ||
NCL Corp. Ltd. 144A | 5.88 | 2-15-2027 | 900,000 | 848,949 | ||
NCL Corp. Ltd. 144A | 7.75 | 2-15-2029 | 560,000 | 474,175 | ||
3,431,524 | ||||||
Retail: 3.06% | ||||||
Bath & Body Works, Inc. 144A | 9.38 | 7-1-2025 | 420,000 | 449,420 | ||
Dave & Buster’s, Inc. 144A | 7.63 | 11-1-2025 | 350,000 | 355,841 | ||
FirstCash, Inc. 144A | 4.63 | 9-1-2028 | 1,010,000 | 923,413 | ||
LSF9 Atlantis Holdings LLC/Victra Finance Corp. 144A | 7.75 | 2-15-2026 | 1,625,000 | 1,523,521 | ||
Macy’s Retail Holdings LLC 144A | 5.88 | 4-1-2029 | 765,000 | 700,763 | ||
Macy’s Retail Holdings LLC 144A | 6.13 | 3-15-2032 | 705,000 | 617,111 | ||
Michaels Cos., Inc. 144A | 7.88 | 5-1-2029 | 1,160,000 | 777,618 | ||
NMG Holding Co., Inc./Neiman Marcus Group LLC 144A | 7.13 | 4-1-2026 | 1,040,000 | 966,436 | ||
Nordstrom, Inc. | 4.00 | 3-15-2027 | 750,000 | 644,490 |
Interest rate | Maturity date | Principal | Value | |||
Retail (continued) | ||||||
PetSmart, Inc./PetSmart Finance Corp. 144A | 4.75 % | 2-15-2028 | $ | 865,000 | $817,554 | |
PetSmart, Inc./PetSmart Finance Corp. 144A | 7.75 | 2-15-2029 | 670,000 | 660,707 | ||
8,436,874 | ||||||
Consumer, non-cyclical: 6.20% | ||||||
Commercial services: 4.73% | ||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp. 144A | 6.00 | 6-1-2029 | 1,460,000 | 1,144,612 | ||
Allied Universal Holdco LLC/Allied Universal Finance Corp. 144A | 6.63 | 7-15-2026 | 600,000 | 578,371 | ||
CoreCivic, Inc. | 8.25 | 4-15-2026 | 3,070,000 | 3,101,345 | ||
MPH Acquisition Holdings LLC 144A | 5.50 | 9-1-2028 | 640,000 | 489,248 | ||
MPH Acquisition Holdings LLC 144A | 5.75 | 11-1-2028 | 1,725,000 | 1,090,601 | ||
PECF USS Intermediate Holding III Corp. 144A | 8.00 | 11-15-2029 | 1,180,000 | 770,150 | ||
Prime Security Services Borrower LLC/Prime Finance, Inc. 144A | 6.25 | 1-15-2028 | 740,000 | 693,037 | ||
Sabre Global, Inc. 144A | 9.25 | 4-15-2025 | 1,534,000 | 1,415,115 | ||
Sabre Global, Inc. 144A | 11.25 | 12-15-2027 | 1,960,000 | 1,722,350 | ||
Service Corp. International | 7.50 | 4-1-2027 | 1,125,000 | 1,171,562 | ||
Upbound Group, Inc. 144A | 6.38 | 2-15-2029 | 985,000 | 864,909 | ||
13,041,300 | ||||||
Healthcare-services: 1.36% | ||||||
Air Methods Corp. 144A | 8.00 | 5-15-2025 | 480,000 | 28,800 | ||
CHS/Community Health Systems, Inc. 144A | 5.25 | 5-15-2030 | 665,000 | 554,254 | ||
CHS/Community Health Systems, Inc. 144A | 6.00 | 1-15-2029 | 40,000 | 35,450 | ||
CommonSpirit Health | 3.82 | 10-1-2049 | 750,000 | 596,814 | ||
Pediatrix Medical Group, Inc. 144A | 5.38 | 2-15-2030 | 530,000 | 484,062 | ||
Select Medical Corp. 144A | 6.25 | 8-15-2026 | 1,320,000 | 1,292,853 | ||
Tenet Healthcare Corp. | 4.88 | 1-1-2026 | 775,000 | 763,263 | ||
3,755,496 | ||||||
Pharmaceuticals: 0.11% | ||||||
CVS Pass-Through Trust | 6.04 | 12-10-2028 | 290,853 | 295,391 | ||
Energy: 14.57% | ||||||
Energy-alternate sources: 2.47% | ||||||
Enviva Partners LP/Enviva Partners Finance Corp. 144A | 6.50 | 1-15-2026 | 3,735,000 | 3,184,079 | ||
TerraForm Power Operating LLC 144A | 4.75 | 1-15-2030 | 1,480,000 | 1,372,685 | ||
TerraForm Power Operating LLC 144A | 5.00 | 1-31-2028 | 2,345,000 | 2,245,338 | ||
6,802,102 | ||||||
Oil & gas: 4.06% | ||||||
Aethon United BR LP/Aethon United Finance Corp. 144A | 8.25 | 2-15-2026 | 1,470,000 | 1,427,467 | ||
Apache Corp. | 4.38 | 10-15-2028 | 750,000 | 702,580 | ||
Encino Acquisition Partners Holdings LLC 144A | 8.50 | 5-1-2028 | 2,405,000 | 2,132,442 | ||
Hilcorp Energy I LP/Hilcorp Finance Co. 144A | 5.75 | 2-1-2029 | 80,000 | 74,741 | ||
Hilcorp Energy I LP/Hilcorp Finance Co. 144A | 6.00 | 4-15-2030 | 145,000 | 135,137 | ||
Hilcorp Energy I LP/Hilcorp Finance Co. 144A | 6.00 | 2-1-2031 | 300,000 | 276,487 |
Interest rate | Maturity date | Principal | Value | |||
Oil & gas (continued) | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co. 144A | 6.25 % | 11-1-2028 | $ | 350,000 | $335,213 | |
Hilcorp Energy I LP/Hilcorp Finance Co. 144A | 6.25 | 4-15-2032 | 145,000 | 135,558 | ||
Murphy Oil Corp. | 6.38 | 7-15-2028 | 485,000 | 483,190 | ||
Occidental Petroleum Corp. | 6.45 | 9-15-2036 | 3,190,000 | 3,385,387 | ||
Southwestern Energy Co. | 4.75 | 2-1-2032 | 740,000 | 652,498 | ||
Southwestern Energy Co. | 8.38 | 9-15-2028 | 650,000 | 680,566 | ||
Vital Energy, Inc. | 9.50 | 1-15-2025 | 770,000 | 774,343 | ||
11,195,609 | ||||||
Oil & gas services: 2.17% | ||||||
Archrock Partners LP/Archrock Partners Finance Corp. 144A | 6.25 | 4-1-2028 | 475,000 | 455,972 | ||
Archrock Partners LP/Archrock Partners Finance Corp. 144A | 6.88 | 4-1-2027 | 500,000 | 491,281 | ||
Bristow Group, Inc. 144A | 6.88 | 3-1-2028 | 2,110,000 | 2,013,190 | ||
Oceaneering International, Inc. | 4.65 | 11-15-2024 | 500,000 | 491,997 | ||
Oceaneering International, Inc. | 6.00 | 2-1-2028 | 1,580,000 | 1,500,957 | ||
USA Compression Partners LP/USA Compression Finance Corp. | 6.88 | 4-1-2026 | 970,000 | 959,523 | ||
USA Compression Partners LP/USA Compression Finance Corp. | 6.88 | 9-1-2027 | 65,000 | 63,257 | ||
5,976,177 | ||||||
Pipelines: 5.87% | ||||||
Boardwalk Pipelines LP | 4.80 | 5-3-2029 | 750,000 | 742,104 | ||
Buckeye Partners LP | 5.85 | 11-15-2043 | 1,125,000 | 865,733 | ||
CQP Holdco LP/BIP-V Chinook Holdco LLC 144A | 5.50 | 6-15-2031 | 1,550,000 | 1,442,584 | ||
DT Midstream, Inc. 144A | 4.13 | 6-15-2029 | 300,000 | 265,876 | ||
DT Midstream, Inc. 144A | 4.38 | 6-15-2031 | 725,000 | 630,398 | ||
EnLink Midstream LLC | 5.38 | 6-1-2029 | 1,465,000 | 1,414,243 | ||
EnLink Midstream LLC 144A | 5.63 | 1-15-2028 | 170,000 | 167,432 | ||
EnLink Midstream LLC 144A | 6.50 | 9-1-2030 | 1,080,000 | 1,090,983 | ||
EnLink Midstream Partners LP | 5.05 | 4-1-2045 | 1,025,000 | 813,420 | ||
EnLink Midstream Partners LP | 5.60 | 4-1-2044 | 750,000 | 623,304 | ||
EQM Midstream Partners LP 144A | 7.50 | 6-1-2027 | 10,000 | 9,964 | ||
EQM Midstream Partners LP 144A | 7.50 | 6-1-2030 | 1,160,000 | 1,125,973 | ||
Harvest Midstream I LP 144A | 7.50 | 9-1-2028 | 760,000 | 743,622 | ||
Hess Midstream Operations LP 144A | 5.50 | 10-15-2030 | 445,000 | 414,170 | ||
Kinetik Holdings LP 144A | 5.88 | 6-15-2030 | 1,140,000 | 1,092,086 | ||
Plains All American Pipeline LP/PAA Finance Corp. | 3.85 | 10-15-2023 | 750,000 | 743,528 | ||
Rockies Express Pipeline LLC 144A | 4.95 | 7-15-2029 | 270,000 | 249,332 | ||
Rockies Express Pipeline LLC 144A | 6.88 | 4-15-2040 | 1,440,000 | 1,253,290 | ||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 144A | 6.00 | 12-31-2030 | 1,110,000 | 985,845 | ||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 144A | 6.00 | 9-1-2031 | 370,000 | 327,607 |
Interest rate | Maturity date | Principal | Value | |||
Pipelines (continued) | ||||||
Venture Global Calcasieu Pass LLC 144A | 3.88 % | 11-1-2033 | $ | 180,000 | $151,779 | |
Venture Global Calcasieu Pass LLC 144A | 6.25 | 1-15-2030 | 1,020,000 | 1,034,287 | ||
16,187,560 | ||||||
Financial: 13.80% | ||||||
Banks: 0.51% | ||||||
Citigroup, Inc. Series V (U.S. SOFR +3.23%) ʊ± | 4.70 | 1-30-2025 | 750,000 | 657,446 | ||
JPMorgan Chase & Co. Series Q (3 Month LIBOR +3.25%) ʊ± | 8.55 | 8-1-2023 | 750,000 | 747,187 | ||
1,404,633 | ||||||
Diversified financial services: 5.04% | ||||||
Enact Holdings, Inc. 144A | 6.50 | 8-15-2025 | 2,565,000 | 2,540,119 | ||
LFS TopCo LLC 144A | 5.88 | 10-15-2026 | 755,000 | 662,513 | ||
LPL Holdings, Inc. 144A | 4.38 | 5-15-2031 | 2,090,000 | 1,854,875 | ||
Navient Corp. | 5.00 | 3-15-2027 | 1,215,000 | 1,093,998 | ||
Navient Corp. | 5.88 | 10-25-2024 | 250,000 | 245,695 | ||
OneMain Finance Corp. | 5.38 | 11-15-2029 | 475,000 | 399,594 | ||
OneMain Finance Corp. | 6.13 | 3-15-2024 | 750,000 | 737,649 | ||
OneMain Finance Corp. | 7.13 | 3-15-2026 | 400,000 | 389,816 | ||
Oppenheimer Holdings, Inc. | 5.50 | 10-1-2025 | 1,200,000 | 1,143,000 | ||
PRA Group, Inc. 144A | 5.00 | 10-1-2029 | 1,530,000 | 1,296,691 | ||
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc. 144A | 2.88 | 10-15-2026 | 965,000 | 858,938 | ||
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc. 144A | 4.00 | 10-15-2033 | 665,000 | 520,363 | ||
Synchrony Financial | 5.15 | 3-19-2029 | 750,000 | 696,543 | ||
United Wholesale Mortgage LLC 144A | 5.50 | 11-15-2025 | 1,030,000 | 981,275 | ||
United Wholesale Mortgage LLC 144A | 5.50 | 4-15-2029 | 535,000 | 461,438 | ||
13,882,507 | ||||||
Insurance: 3.23% | ||||||
Allied World Assurance Co. Holdings Ltd. | 4.35 | 10-29-2025 | 385,000 | 372,534 | ||
AmWINS Group, Inc. 144A | 4.88 | 6-30-2029 | 1,370,000 | 1,243,161 | ||
Assurant, Inc. | 3.70 | 2-22-2030 | 750,000 | 661,114 | ||
AssuredPartners, Inc. 144A | 5.63 | 1-15-2029 | 665,000 | 575,716 | ||
Athene Holding Ltd. | 4.13 | 1-12-2028 | 750,000 | 682,304 | ||
Brighthouse Financial, Inc. | 4.70 | 6-22-2047 | 850,000 | 641,346 | ||
BroadStreet Partners, Inc. 144A | 5.88 | 4-15-2029 | 1,845,000 | 1,600,587 | ||
Liberty Mutual Group, Inc. 144A | 4.57 | 2-1-2029 | 750,000 | 723,550 | ||
MetLife, Inc. | 6.40 | 12-15-2066 | 1,000,000 | 1,003,000 | ||
Prudential Financial, Inc. (3 Month LIBOR +2.38%) ± | 4.50 | 9-15-2047 | 750,000 | 692,700 | ||
Sammons Financial Group, Inc. 144A | 4.45 | 5-12-2027 | 750,000 | 703,054 | ||
8,899,066 | ||||||
REITS: 5.02% | ||||||
Boston Properties LP | 3.40 | 6-21-2029 | 849,000 | 720,461 | ||
GLP Capital LP/GLP Financing II, Inc. | 3.25 | 1-15-2032 | 625,000 | 512,506 |
Interest rate | Maturity date | Principal | Value | |||
REITS (continued) | ||||||
HAT Holdings I LLC/HAT Holdings II LLC 144A | 3.38 % | 6-15-2026 | $ | 630,000 | $559,192 | |
HAT Holdings I LLC/HAT Holdings II LLC 144A | 3.75 | 9-15-2030 | 830,000 | 652,388 | ||
HAT Holdings I LLC/HAT Holdings II LLC 144A | 6.00 | 4-15-2025 | 255,000 | 247,832 | ||
Iron Mountain, Inc. 144A | 4.50 | 2-15-2031 | 1,625,000 | 1,412,916 | ||
Iron Mountain, Inc. 144A | 5.25 | 7-15-2030 | 1,505,000 | 1,386,145 | ||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 144A | 4.25 | 2-1-2027 | 350,000 | 298,375 | ||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 144A | 4.75 | 6-15-2029 | 665,000 | 526,181 | ||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 144A | 5.25 | 10-1-2025 | 1,120,000 | 1,052,800 | ||
MPT Operating Partnership LP/MPT Finance Corp. | 3.50 | 3-15-2031 | 2,185,000 | 1,493,519 | ||
Omega Healthcare Investors, Inc. | 4.50 | 4-1-2027 | 600,000 | 560,499 | ||
Service Properties Trust | 4.35 | 10-1-2024 | 565,000 | 539,292 | ||
Service Properties Trust | 4.75 | 10-1-2026 | 550,000 | 475,358 | ||
Service Properties Trust | 4.95 | 2-15-2027 | 365,000 | 309,255 | ||
Service Properties Trust | 7.50 | 9-15-2025 | 1,000,000 | 979,380 | ||
SITE Centers Corp. | 4.70 | 6-1-2027 | 600,000 | 558,687 | ||
Starwood Property Trust, Inc. 144A | 4.38 | 1-15-2027 | 900,000 | 776,007 | ||
Starwood Property Trust, Inc. | 4.75 | 3-15-2025 | 465,000 | 439,425 | ||
Vornado Realty LP | 2.15 | 6-1-2026 | 120,000 | 99,546 | ||
Vornado Realty LP | 3.40 | 6-1-2031 | 340,000 | 241,650 | ||
13,841,414 | ||||||
Industrial: 4.95% | ||||||
Aerospace/defense: 0.89% | ||||||
Spirit AeroSystems, Inc. 144A | 7.50 | 4-15-2025 | 750,000 | 745,123 | ||
Spirit AeroSystems, Inc. 144A | 9.38 | 11-30-2029 | 430,000 | 462,212 | ||
TransDigm, Inc. | 7.50 | 3-15-2027 | 1,240,000 | 1,246,189 | ||
2,453,524 | ||||||
Building materials: 0.60% | ||||||
Camelot Return Merger Sub, Inc. 144A | 8.75 | 8-1-2028 | 1,750,000 | 1,658,125 | ||
Electronics: 0.22% | ||||||
Keysight Technologies, Inc. | 4.60 | 4-6-2027 | 600,000 | 599,745 | ||
Hand/machine tools: 0.51% | ||||||
Werner FinCo LP/Werner FinCo, Inc. 144A | 8.75 | 7-15-2025 | 1,755,000 | 1,401,415 | ||
Machinery-diversified: 0.57% | ||||||
Chart Industries, Inc. 144A | 7.50 | 1-1-2030 | 200,000 | 206,000 | ||
Chart Industries, Inc. 144A | 9.50 | 1-1-2031 | 335,000 | 354,681 | ||
TK Elevator U.S. Newco, Inc. 144A | 5.25 | 7-15-2027 | 1,080,000 | 1,009,656 | ||
1,570,337 | ||||||
Packaging & containers: 1.22% | ||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 144A | 6.00 | 6-15-2027 | 715,000 | 711,464 |
Interest rate | Maturity date | Principal | Value | |||
Packaging & containers (continued) | ||||||
Berry Global, Inc. 144A | 5.63 % | 7-15-2027 | $ | 1,310,000 | $1,290,410 | |
Clearwater Paper Corp. 144A | 4.75 | 8-15-2028 | 330,000 | 295,944 | ||
Clydesdale Acquisition Holdings, Inc. 144A | 8.75 | 4-15-2030 | 1,155,000 | 1,062,962 | ||
3,360,780 | ||||||
Trucking & leasing: 0.94% | ||||||
Fortress Transportation & Infrastructure Investors LLC 144A | 5.50 | 5-1-2028 | 1,040,000 | 953,248 | ||
Fortress Transportation & Infrastructure Investors LLC 144A | 6.50 | 10-1-2025 | 1,442,000 | 1,424,023 | ||
Fortress Transportation & Infrastructure Investors LLC 144A | 9.75 | 8-1-2027 | 200,000 | 208,287 | ||
2,585,558 | ||||||
Technology: 1.97% | ||||||
Computers: 1.40% | ||||||
Dell International LLC/EMC Corp. | 6.02 | 6-15-2026 | 750,000 | 771,865 | ||
McAfee Corp. 144A | 7.38 | 2-15-2030 | 1,215,000 | 1,008,571 | ||
NCR Corp. 144A | 6.13 | 9-1-2029 | 1,285,000 | 1,259,488 | ||
Seagate HDD | 4.13 | 1-15-2031 | 972,000 | 806,760 | ||
3,846,684 | ||||||
Software: 0.57% | ||||||
Cloud Software Group, Inc. | 9.00 | 9-30-2029 | 440,000 | 378,092 | ||
SS&C Technologies, Inc. 144A | 5.50 | 9-30-2027 | 500,000 | 483,958 | ||
VMware, Inc. | 3.90 | 8-21-2027 | 750,000 | 722,302 | ||
1,584,352 | ||||||
Utilities: 3.58% | ||||||
Electric: 3.58% | ||||||
NextEra Energy Operating Partners LP 144A | 4.25 | 9-15-2024 | 16,000 | 15,360 | ||
NSG Holdings LLC/NSG Holdings, Inc. 144A | 7.75 | 12-15-2025 | 1,216,006 | 1,210,025 | ||
Pattern Energy Operations LP/Pattern Energy Operations, Inc. 144A | 4.50 | 8-15-2028 | 2,890,000 | 2,688,642 | ||
PG&E Corp. | 5.25 | 7-1-2030 | 3,260,000 | 3,004,563 | ||
Vistra Corp. (5 Year Treasury Constant Maturity +5.74%) 144Aʊ± | 7.00 | 12-15-2026 | 1,285,000 | 1,152,425 | ||
Vistra Operations Co. LLC 144A | 4.38 | 5-1-2029 | 795,000 | 710,776 | ||
Vistra Operations Co. LLC 144A | 5.63 | 2-15-2027 | 1,125,000 | 1,097,210 | ||
9,879,001 | ||||||
Total corporate bonds and notes (Cost $198,081,610) | 186,555,080 | |||||
Foreign corporate bonds and notes: 7.73% | ||||||
Government securities: 7.73% | ||||||
Multi-national: 7.73% | ||||||
Asian Development Bank | 6.00 | 2-5-2026 | BRL | 9,000,000 | 1,615,482 | |
European Bank for Reconstruction & Development | 5.00 | 1-27-2025 | BRL | 8,225,000 | 1,500,117 | |
European Investment Bank | 7.25 | 1-23-2030 | ZAR | 30,000,000 | 1,470,832 |
Interest rate | Maturity date | Principal | Value | |||
Multi-national (continued) | ||||||
European Investment Bank | 8.00 % | 5-5-2027 | ZAR | 49,000,000 | $2,611,190 | |
European Investment Bank | 8.75 | 8-18-2025 | ZAR | 20,000,000 | 1,092,360 | |
International Bank for Reconstruction & Development | 5.75 | 1-14-2028 | BRL | 15,000,000 | 2,466,679 | |
International Bank for Reconstruction & Development | 6.75 | 2-9-2029 | ZAR | 60,000,000 | 2,937,925 | |
International Bank for Reconstruction & Development | 7.00 | 6-7-2023 | ZAR | 15,000,000 | 816,253 | |
International Bank for Reconstruction & Development | 8.25 | 6-22-2023 | BRL | 9,000,000 | 1,791,713 | |
International Bank for Reconstruction & Development | 8.25 | 12-21-2026 | ZAR | 15,000,000 | 804,117 | |
International Bank for Reconstruction & Development | 9.50 | 2-9-2029 | BRL | 22,000,000 | 4,195,782 | |
21,302,450 | ||||||
Total foreign corporate bonds and notes (Cost $24,069,371) | 21,302,450 | |||||
Foreign government bonds: 23.72% | ||||||
China | 3.02 | 5-27-2031 | CNY | 14,700,000 | 2,157,833 | |
Colombia TES | 6.00 | 4-28-2028 | COP | 9,000,000,000 | 1,534,768 | |
Colombia TES | 7.50 | 8-26-2026 | COP | 22,725,000,000 | 4,338,031 | |
Colombia TES | 6.25 | 11-26-2025 | COP | 15,000,000,000 | 2,848,306 | |
Hungary | 1.50 | 4-22-2026 | HUF | 1,920,000,000 | 4,442,265 | |
India | 7.27 | 4-8-2026 | INR | 60,000,000 | 737,784 | |
India | 7.32 | 1-28-2024 | INR | 710,000,000 | 8,674,877 | |
Indonesia | 7.00 | 9-15-2030 | IDR | 115,000,000,000 | 8,045,296 | |
Indonesia | 5.50 | 4-15-2026 | IDR | 30,000,000,000 | 2,008,793 | |
Mexico ## | 8.50 | 5-31-2029 | MXN | 208,500,000 | 11,411,576 | |
Mexico | 7.75 | 5-29-2031 | MXN | 85,000,000 | 4,435,157 | |
New Zealand | 3.50 | 4-14-2033 | NZD | 7,000,000 | 4,118,984 | |
Romania | 3.65 | 9-24-2031 | RON | 38,500,000 | 6,625,541 | |
Romania | 5.00 | 2-12-2029 | RON | 20,000,000 | 3,995,215 | |
Total foreign government bonds (Cost $73,624,370) | 65,374,426 | |||||
Loans: 19.73% | ||||||
Communications: 2.10% | ||||||
Advertising: 0.17% | ||||||
Clear Channel Outdoor Holdings, Inc. (U.S. SOFR 3 Month +3.50%) ± | 8.81 | 8-21-2026 | $ | 496,144 | 466,787 | |
Internet: 0.81% | ||||||
Arches Buyer, Inc. (U.S. SOFR 1 Month +3.25%) ± | 8.22 | 12-6-2027 | 2,422,640 | 2,240,942 | ||
Media: 0.32% | ||||||
Hubbard Radio LLC (1 Month LIBOR +4.25%) ± | 9.28 | 3-28-2025 | 1,110,028 | 889,133 | ||
Telecommunications: 0.80% | ||||||
Connect Finco Sarl (1 Month LIBOR +3.50%) ± | 8.53 | 12-11-2026 | 848,750 | 843,445 | ||
Intelsat Jackson Holdings SA (U.S. SOFR 6 Month +4.50%) ± | 9.08 | 2-1-2029 | 1,367,606 | 1,348,583 | ||
2,192,028 |
Interest rate | Maturity date | Principal | Value | |||
Consumer, cyclical: 2.82% | ||||||
Airlines: 2.46% | ||||||
American Airlines, Inc. (3 Month LIBOR +4.75%) ˂± | 10.00 % | 4-20-2028 | 1,432,000 | $1,440,148 | ||
Mileage Plus Holdings LLC (3 Month LIBOR +5.25%) ± | 10.21 | 6-21-2027 | 2,452,250 | 2,549,310 | ||
SkyMiles IP Ltd. (U.S. SOFR 3 Month +3.75%) ˂± | 8.80 | 10-20-2027 | 2,706,631 | 2,802,122 | ||
6,791,580 | ||||||
Auto parts & equipment: 0.07% | ||||||
Clarios Global LP (1 Month LIBOR +3.25%) ± | 8.27 | 4-30-2026 | 190,172 | 189,656 | ||
Retail: 0.29% | ||||||
Dave & Buster’s, Inc. (U.S. SOFR 1 Month +5.00%) ± | 10.13 | 6-29-2029 | 390,713 | 390,287 | ||
PetSmart, Inc. (U.S. SOFR 1 Month +3.75%) ± | 8.83 | 2-11-2028 | 397,975 | 395,985 | ||
786,272 | ||||||
Consumer, non-cyclical: 4.43% | ||||||
Commercial services: 2.37% | ||||||
Allied Universal Holdco LLC (U.S. SOFR 1 Month +3.75%) ± | 8.83 | 5-12-2028 | 1,630,923 | 1,571,215 | ||
Geo Group, Inc. (U.S. SOFR 1 Month +7.13%) ± | 12.11 | 3-23-2027 | 4,876,190 | 4,946,699 | ||
6,517,914 | ||||||
Food: 0.63% | ||||||
B&G Foods, Inc. (1 Month LIBOR +2.50%) ˂± | 7.52 | 10-10-2026 | 1,800,000 | 1,735,398 | ||
Healthcare-products: 0.94% | ||||||
Bausch & Lomb, Inc. (U.S. SOFR 1 Month +3.25%) ± | 8.46 | 5-10-2027 | 893,250 | 867,819 | ||
Medline Borrower LP (U.S. SOFR 1 Month +3.25%) ± | 8.27 | 10-23-2028 | 1,788,466 | 1,734,562 | ||
2,602,381 | ||||||
Healthcare-services: 0.49% | ||||||
Surgery Center Holdings, Inc. (1 Month LIBOR +3.75%) ± | 8.70 | 8-31-2026 | 1,361,483 | 1,357,766 | ||
Energy: 2.16% | ||||||
Oil & gas services: 0.66% | ||||||
ChampionX Corp. (U.S. SOFR 1 Month +3.25%) ± | 8.18 | 6-7-2029 | 1,840,750 | 1,836,148 | ||
Pipelines: 1.50% | ||||||
AL NGPL Holdings LLC (3 Month LIBOR +3.75%) ± | 8.96 | 4-14-2028 | 687,536 | 680,489 | ||
GIP II Blue Holding LP (3 Month LIBOR +4.50%) ˂± | 9.66 | 9-29-2028 | 964,665 | 960,874 | ||
M6 ETX Holdings II Midco LLC (U.S. SOFR 1 Month +4.50%) ± | 9.55 | 9-19-2029 | 457,700 | 454,267 | ||
NorthRiver Midstream Finance LP (3 Month LIBOR +3.25%) ± | 8.43 | 10-1-2025 | 903,008 | 899,198 | ||
Prairie ECI Acquiror LP (1 Month LIBOR +4.75%) ± | 9.77 | 3-11-2026 | 900,000 | 882,279 | ||
Whitewater Whistler Holdings, LLC (U.S. SOFR 1 Month +3.25%) ± | 8.15 | 2-15-2030 | 250,000 | 249,625 | ||
4,126,732 |
Interest rate | Maturity date | Principal | Value | |||
Financial: 3.05% | ||||||
Diversified financial services: 1.45% | ||||||
Resolute Investment Managers, Inc. (3 Month LIBOR +4.25%) ± | 9.41 % | 4-30-2024 | 2,453,458 | $1,791,024 | ||
Resolute Investment Managers, Inc. (3 Month LIBOR +8.00%) ‡± | 13.27 | 4-30-2025 | 923,070 | 553,842 | ||
Russell Investments U.S. Institutional Holdco, Inc. (U.S. SOFR 1 Month +3.50%) ± | 8.47 | 5-30-2025 | 1,681,664 | 1,635,418 | ||
3,980,284 | ||||||
Insurance: 1.01% | ||||||
Asurion LLC (1 Month LIBOR +3.25%) ˂± | 8.27 | 12-23-2026 | 1,086,540 | 1,012,862 | ||
Asurion LLC (1 Month LIBOR +5.25%) ± | 10.27 | 1-31-2028 | 460,000 | 384,868 | ||
Broadstreet Partners, Inc. (U.S. SOFR 1 Month +4.00%) ˂± | 8.99 | 4-27-2029 | 885,000 | 877,256 | ||
Hub International Ltd. (U.S. LIBOR 3 Month +4.00%) ± | 8.73 | 11-10-2029 | 498,750 | 497,449 | ||
2,772,435 | ||||||
REITS: 0.59% | ||||||
Claros Mortgage Trust, Inc. (U.S. SOFR 1 Month +4.50%) ± | 9.49 | 8-9-2026 | 854,188 | 736,028 | ||
Starwood Property Trust, Inc. (U.S. SOFR 1 Month +3.25%) ± | 8.23 | 11-18-2027 | 932,662 | 900,019 | ||
1,636,047 | ||||||
Industrial: 3.27% | ||||||
Aerospace/defense: 0.93% | ||||||
Spirit Aerosystems, Inc. (U.S. SOFR 1 Month +4.50%) ± | 9.55 | 1-15-2027 | 2,587,000 | 2,575,695 | ||
Building materials: 0.65% | ||||||
Cornerstone Building Brands, Inc. (U.S. SOFR 1 Month +3.25%) ± | 8.24 | 4-12-2028 | 1,980,458 | 1,785,383 | ||
Environmental control: 0.21% | ||||||
MIP V Waste Holdings LLC (1 Month LIBOR +3.25%) ˂± | 8.27 | 12-8-2028 | 596,500 | 584,570 | ||
Machinery-diversified: 0.40% | ||||||
Chart Industries, Inc. (U.S. SOFR 1 Month +3.75%) ± | 8.74 | 3-15-2030 | 250,000 | 249,845 | ||
Vertical U.S. Newco, Inc. (3 Month LIBOR +3.50%) ± | 8.60 | 7-30-2027 | 859,688 | 838,195 | ||
1,088,040 | ||||||
Metal fabricate/hardware: 0.50% | ||||||
Werner FinCo LP (3 Month LIBOR +4.00%) ± | 9.16 | 7-24-2024 | 1,412,297 | 1,372,286 | ||
Packaging & containers: 0.58% | ||||||
Clydesdale Acquisition Holdings, Inc. (U.S. SOFR 1 Month +4.18%) ± | 9.26 | 4-13-2029 | 1,641,864 | 1,602,230 | ||
Technology: 1.90% | ||||||
Computers: 0.30% | ||||||
NCR Corp. (3 Month LIBOR +2.50%) ± | 7.78 | 8-28-2026 | 839,021 | 826,436 |
Interest rate | Maturity date | Principal | Value | |||
Software: 1.60% | ||||||
Applied Systems, Inc. (U.S. LIBOR 3 Month +4.50%) ˂± | 9.40 % | 9-18-2026 | 2,808,167 | $2,810,807 | ||
Athenahealth Group, Inc. (U.S. SOFR 3 Month +3.50%) ± | 3.50 | 2-15-2029 | 95,691 | 89,539 | ||
Athenahealth Group, Inc. (U.S. SOFR 1 Month +3.50%) ± | 8.46 | 2-15-2029 | 778,940 | 728,861 | ||
Genesys Cloud Services Holdings II LLC (1 Month LIBOR +4.00%) ˂± | 9.02 | 12-1-2027 | 800,000 | 791,504 | ||
4,420,711 | ||||||
Total loans (Cost $55,535,660) | 54,376,854 | |||||
Non-agency mortgage-backed securities: 4.30% | ||||||
Banc of America Funding Trust Series 2005-5 Class 1A1 | 5.50 | 9-25-2035 | $ | 69,733 | 68,455 | |
Banc of America Funding Trust Series 2005-D Class A1 ±± | 3.95 | 5-25-2035 | 118,105 | 109,595 | ||
Banc of America Mortgage Trust Series 2003-C Class 1A1 ±± | 4.62 | 4-25-2033 | 181,050 | 164,830 | ||
Bank Series 2017-BNK6 Class D 144A | 3.10 | 7-15-2060 | 1,000,000 | 673,913 | ||
BX Trust Series 2022-CLS Class C 144A | 6.79 | 10-13-2027 | 750,000 | 726,212 | ||
BX Trust Series 2021-ARIA Class A (1 Month LIBOR +0.90%) 144A± | 5.85 | 10-15-2036 | 1,000,000 | 965,266 | ||
CHL Mortgage Pass-Through Trust Series 2003-48 Class 2A2 ±± | 4.20 | 10-25-2033 | 26,484 | 13,452 | ||
Citigroup Commercial Mortgage Trust Series 2012-GC8 Class C 144A±± | 5.07 | 9-10-2045 | 830,101 | 767,824 | ||
COMM Mortgage Trust Series 2012-LC4 Class C ±± | 5.48 | 12-10-2044 | 500,000 | 407,495 | ||
Credit Suisse First Boston Mortgage Securities Corp. Series 2002-AR25 Class 1A1 ±± | 3.20 | 9-25-2032 | 221,351 | 200,176 | ||
Credit Suisse First Boston Mortgage Securities Corp. Series 2003-AR9 Class 2A2 ±± | 4.25 | 3-25-2033 | 7,618 | 7,384 | ||
Credit Suisse First Boston Mortgage Securities Corp. Series 2003-AR15 Class 3A1 ±± | 4.40 | 6-25-2033 | 13,680 | 12,787 | ||
CSMC OA LLC Series 2014-USA Class D 144A | 4.37 | 9-15-2037 | 750,000 | 549,437 | ||
FREMF Mortgage Trust Series 2013-K30 Class B 144A±± | 3.55 | 6-25-2045 | 374,508 | 372,457 | ||
Global Mortgage Securitization Ltd. Series 2004-A Class A2 (1 Month LIBOR +0.32%) 144A± | 5.34 | 11-25-2032 | 20,435 | 19,744 | ||
GS Mortgage Securities Corportation Trust Series 2020- DUNE Class D (1 Month LIBOR +1.90%) 144A± | 6.85 | 12-15-2036 | 1,000,000 | 957,716 | ||
GS Mortgage Securities Trust Series 2010-C1 Class X 144Aƒ±± | 0.57 | 8-10-2043 | 671,437 | 339 | ||
GS Mortgage Securities Trust Series 2019-GSA1 Class C ±± | 3.93 | 11-10-2052 | 1,000,000 | 783,075 | ||
Hudsons Bay Simon JV Trust Series 2015-HB10 Class A10 144A | 4.15 | 8-5-2034 | 1,000,000 | 865,364 | ||
JP Morgan Mortgage Trust Series 2004-A3 Class 2A1 ±± | 3.37 | 7-25-2034 | 2,462 | 2,339 | ||
JP Morgan Mortgage Trust Series 2004-A3 Class 3A3 ±± | 3.57 | 7-25-2034 | 8,102 | 7,652 | ||
JP Morgan Mortgage Trust Series 2005-A3 Class 11A2 ±± | 4.21 | 6-25-2035 | 64,285 | 59,296 | ||
JPMBB Commercial Mortgage Securities Trust Series 2013- C17 Class B ±± | 5.05 | 1-15-2047 | 50,000 | 48,705 | ||
Master Alternative Loans Trust Series 2005-1 Class 5A1 | 5.50 | 3-25-2036 | 426 | 381 | ||
MASTR Adjustable Rate Mortgages Trust Series 2003-6 Class 3A1 ±± | 3.47 | 12-25-2033 | 36,424 | 34,714 |
Interest rate | Maturity date | Principal | Value | |||
Non-agency mortgage-backed securities (continued) | ||||||
MASTR Adjustable Rate Mortgages Trust Series 2003-6 Class 4A2 ±± | 3.81 % | 1-25-2034 | $ | 1,685 | $1,595 | |
MASTR Adjustable Rate Mortgages Trust Series 2004-13 Class 3A7 ±± | 3.87 | 11-21-2034 | 3,486 | 3,262 | ||
Merrill Lynch Mortgage Investors Trust Series 2003-G Class A2 (6 Month LIBOR +0.68%) ± | 5.91 | 1-25-2029 | 17,383 | 16,736 | ||
MFA Trust Series 2022-NQM1 Class M1 144A±± | 4.28 | 12-25-2066 | 1,000,000 | 794,607 | ||
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C7 Class D 144A±± | 4.29 | 2-15-2046 | 692,000 | 496,544 | ||
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C11 Class A4 ±± | 4.30 | 8-15-2046 | 569,000 | 565,018 | ||
Morgan Stanley Capital I Trust Series 2014-150E Class A 144A | 3.91 | 9-9-2032 | 1,000,000 | 845,815 | ||
Morgan Stanley Mortgage Loan Trust Series 2004-4 Class 2A ±± | 6.30 | 9-25-2034 | 11,414 | 11,541 | ||
Sequoia Mortgage Trust Series 2003-1 Class 1A (1 Month LIBOR +0.76%) ± | 5.71 | 4-20-2033 | 3,313 | 2,989 | ||
SFAVE Commercial Mortgage Securities Trust Series 2015- 5AVE Class D 144A±± | 4.53 | 1-5-2043 | 1,000,000 | 539,000 | ||
Structured Adjustable Rate Mortgage Loan Trust Series 2004-2 Class 2A ±± | 3.55 | 3-25-2034 | 9,019 | 7,913 | ||
Vendee Mortgage Trust Series 2003-2 Class IO ƒ±± | 0.49 | 5-15-2033 | 1,147,278 | 17,163 | ||
Verus Securitization Trust Series 2021-1 Class A2 144A±± | 1.05 | 1-25-2066 | 387,358 | 329,508 | ||
Washington Mutual MSC Mortgage Pass-Through Certificates Trust Series 2004-RA4 Class 3A | 7.50 | 7-25-2034 | 57,569 | 59,601 | ||
WFLD Mortgage Trust Series 2014-MONT Class B 144A±± | 3.88 | 8-10-2031 | 490,000 | 342,859 | ||
Total non-agency mortgage-backed securities (Cost $13,733,435) | 11,852,759 |
Expiration date | Shares | |||||
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 |
Maturity date | Principal | |||||
Yankee corporate bonds and notes: 10.58% | ||||||
Communications: 0.72% | ||||||
Internet: 0.31% | ||||||
Prosus NV 144A | 4.19 | 1-19-2032 | $ | 1,000,000 | 849,512 |
Interest rate | Maturity date | Principal | Value | |||
Media: 0.41% | ||||||
Videotron Ltd. 144A | 5.13 % | 4-15-2027 | $ | 1,175,000 | $1,133,875 | |
Telecommunications: 0.00% | ||||||
Intelsat Jackson Holdings SA ♦† | 5.50 | 8-1-2023 | 4,300,000 | 0 | ||
Consumer, cyclical: 4.05% | ||||||
Airlines: 0.87% | ||||||
Air Canada Pass-Through Trust Series 2020-1 Class C 144A | 10.50 | 7-15-2026 | 2,276,000 | 2,412,560 | ||
Auto parts & equipment: 0.19% | ||||||
Adient Global Holdings Ltd. 144A | 4.88 | 8-15-2026 | 535,000 | 514,048 | ||
Entertainment: 0.22% | ||||||
Genm Capital Labuan Ltd. 144A | 3.88 | 4-19-2031 | 750,000 | 608,402 | ||
Leisure time: 2.27% | ||||||
Carnival Corp. 144A | 4.00 | 8-1-2028 | 760,000 | 658,802 | ||
Carnival Corp. 144A | 6.00 | 5-1-2029 | 1,285,000 | 1,008,595 | ||
Carnival Corp. 144A | 9.88 | 8-1-2027 | 425,000 | 435,723 | ||
Carnival Corp. 144A | 10.50 | 2-1-2026 | 325,000 | 339,276 | ||
Royal Caribbean Cruises Ltd. 144A | 5.38 | 7-15-2027 | 130,000 | 115,414 | ||
Royal Caribbean Cruises Ltd. 144A | 5.50 | 8-31-2026 | 345,000 | 316,268 | ||
Royal Caribbean Cruises Ltd. 144A | 5.50 | 4-1-2028 | 1,885,000 | 1,662,185 | ||
Royal Caribbean Cruises Ltd. 144A | 9.25 | 1-15-2029 | 600,000 | 640,065 | ||
Royal Caribbean Cruises Ltd. 144A | 11.63 | 8-15-2027 | 1,005,000 | 1,069,104 | ||
6,245,432 | ||||||
Retail: 0.50% | ||||||
1011778 BC ULC/New Red Finance, Inc. 144A | 4.00 | 10-15-2030 | 1,580,000 | 1,379,311 | ||
Consumer, non-cyclical: 0.93% | ||||||
Biotechnology: 0.36% | ||||||
Grifols Escrow Issuer SA 144A | 4.75 | 10-15-2028 | 1,230,000 | 986,372 | ||
Pharmaceuticals: 0.57% | ||||||
Teva Pharmaceutical Finance Netherlands III BV | 6.00 | 4-15-2024 | 728,000 | 726,390 | ||
Teva Pharmaceutical Finance Netherlands III BV | 6.75 | 3-1-2028 | 280,000 | 278,572 | ||
Teva Pharmaceutical Finance Netherlands III BV | 8.13 | 9-15-2031 | 530,000 | 559,673 | ||
1,564,635 | ||||||
Energy: 0.55% | ||||||
Pipelines: 0.55% | ||||||
Northriver Midstream Finance LP 144A | 5.63 | 2-15-2026 | 1,627,000 | 1,527,655 | ||
Financial: 2.33% | ||||||
Banks: 0.91% | ||||||
ABN AMRO Bank NV 144A | 4.80 | 4-18-2026 | 750,000 | 728,664 |
Interest rate | Maturity date | Principal | Value | |||
Banks (continued) | ||||||
Macquarie Group Ltd. (U.S. SOFR +2.21%) 144A± | 5.11 % | 8-9-2026 | $ | 1,000,000 | $998,546 | |
NatWest Group PLC (5 Year Treasury Constant Maturity +2.35%) ± | 3.03 | 11-28-2035 | 1,000,000 | 783,985 | ||
2,511,195 | ||||||
Diversified financial services: 0.93% | ||||||
Castlelake Aviation Finance DAC 144A | 5.00 | 4-15-2027 | 1,755,000 | 1,551,719 | ||
Macquarie Airfinance Holdings Ltd. | 8.38 | 5-1-2028 | 990,000 | 990,654 | ||
2,542,373 | ||||||
Insurance: 0.49% | ||||||
Fairfax Financial Holdings Ltd. | 4.85 | 4-17-2028 | 750,000 | 737,768 | ||
Sompo International Holdings Ltd. | 7.00 | 7-15-2034 | 575,000 | 617,247 | ||
1,355,015 | ||||||
Industrial: 1.31% | ||||||
Electronics: 0.68% | ||||||
Sensata Technologies BV 144A | 4.00 | 4-15-2029 | 1,370,000 | 1,238,056 | ||
Sensata Technologies BV 144A | 5.88 | 9-1-2030 | 660,000 | 648,113 | ||
1,886,169 | ||||||
Trucking & leasing: 0.63% | ||||||
Fly Leasing Ltd. 144A | 7.00 | 10-15-2024 | 1,985,000 | 1,736,875 | ||
Technology: 0.26% | ||||||
Semiconductors: 0.26% | ||||||
Broadcom Corp./Broadcom Cayman Finance Ltd. | 3.50 | 1-15-2028 | 750,000 | 704,349 | ||
Utilities: 0.43% | ||||||
Electric: 0.28% | ||||||
Drax Finco PLC 144A | 6.63 | 11-1-2025 | 805,000 | 784,875 | ||
Water: 0.15% | ||||||
Veolia Environnement SA | 6.75 | 6-1-2038 | 350,000 | 400,344 | ||
Total yankee corporate bonds and notes (Cost $31,249,561) | 29,142,997 | |||||
Yankee government bonds: 0.27% | ||||||
Trinidad & Tobago Government International Bonds 144A | 4.50 | 8-4-2026 | 750,000 | 731,622 | ||
Total yankee government bonds (Cost $747,452) | 731,622 |
Yield | Shares | Value | ||||
Short-term investments: 3.66% | ||||||
Investment companies: 3.66% | ||||||
Allspring Government Money Market Fund Select Class ♠∞## | 4.73 % | 10,083,703 | $10,083,703 | |||
Total short-term investments (Cost $10,083,703) | 10,083,703 | |||||
Total investments in securities (Cost $420,216,256) | 142.39 % | 392,372,195 | ||||
Other assets and liabilities, net | (42.39 ) | (116,803,156 ) | ||||
Total net assets | 100.00 % | $275,569,039 |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
ƒ | Investment in an interest-only security that entitles holders to receive only the interest payments on the underlying mortgages. The principal amount shown is the notional amount of the underlying mortgages. The rate represents the coupon rate. |
±± | The coupon of the security is adjusted based on the principal and/or interest payments received from the underlying pool of mortgages as well as the credit quality and the actual prepayment speed of the underlying mortgages. The rate shown is the rate in effect at period end. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
† | Non-income-earning security |
ʊ | Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
## | All or a portion of this security is segregated for unfunded loans. |
˂ | All or a portion of the position represents an unfunded loan commitment. The rate represents the current interest rate if the loan is partially funded. |
‡ | Security is valued using significant unobservable inputs. |
♦ | The security is fair valued in accordance with Allspring Funds Management’s valuation procedures, as the Board-designated valuation designee. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
BRL | Brazilian real |
CNY | China yuan |
COP | Colombian peso |
FHLMC | Federal Home Loan Mortgage Corporation |
FNMA | Federal National Mortgage Association |
GNMA | Government National Mortgage Association |
HUF | Hungarian forint |
IDR | Indonesian rupiah |
INR | Indian rupee |
LIBOR | London Interbank Offered Rate |
MXN | Mexican peso |
NZD | New Zealand dollar |
REIT | Real estate investment trust |
RON | Romanian lei |
SOFR | Secured Overnight Financing Rate |
ZAR | South African rand |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | $15,807,130 | $50,615,557 | $(56,338,984 ) | $0 | $0 | $10,083,703 | 10,083,703 | $174,395 |
Assets | |
Investments in unaffiliated securities, at value (cost $410,132,553) | $382,288,492 |
Investments in affiliated securities, at value (cost $10,083,703) | 10,083,703 |
Cash | 203,794 |
Foreign currency, at value (cost $113,062) | 113,059 |
Receivable for dividends and interest | 6,320,592 |
Receivable for investments sold | 3,920,931 |
Principal paydown receivable | 3,352 |
Prepaid expenses and other assets | 26,733 |
Total assets | 402,960,656 |
Liabilities | |
Secured borrowing payable | 119,000,000 |
Payable for investments purchased | 5,931,632 |
Dividends payable | 1,887,426 |
Advisory fee payable | 178,129 |
Administration fee payable | 16,193 |
Trustees’ fees and expenses payable | 2,031 |
Accrued expenses and other liabilities | 376,206 |
Total liabilities | 127,391,617 |
Total net assets | $275,569,039 |
Net assets consist of | |
Paid-in capital | $375,236,548 |
Total distributable loss | (99,667,509 ) |
Total net assets | $275,569,039 |
Net asset value per share | |
Based on $275,569,039 divided by 28,066,291 shares issued and outstanding (100,000,000 shares authorized) | $9.82 |
Investment income | |
Interest (net of foreign withholding taxes of $74,558) | $13,214,699 |
Income from affiliated securities | 174,395 |
Dividends | 38,026 |
Total investment income | 13,427,120 |
Expenses | |
Advisory fee | 1,069,505 |
Administration fee | 97,228 |
Custody and accounting fees | 3,285 |
Professional fees | 21,414 |
Shareholder report expenses | 201 |
Trustees’ fees and expenses | 10,896 |
Transfer agent fees | 201 |
Interest expense | 3,045,151 |
Other fees and expenses | 3,683 |
Total expenses | 4,251,564 |
Net investment income | 9,175,556 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | (10,536,098 ) |
Foreign currency and foreign currency translations | 49,813 |
Net realized losses on investments | (10,486,285 ) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 22,743,546 |
Foreign currency and foreign currency translations | 111,382 |
Net change in unrealized gains (losses) on investments | 22,854,928 |
Net realized and unrealized gains (losses) on investments | 12,368,643 |
Net increase in net assets resulting from operations | $21,544,199 |
Six months ended April 30, 2023 (unaudited) | Year ended October 31, 2022 | |||
Operations | ||||
Net investment income | $9,175,556 | $20,484,143 | ||
Net realized losses on investments | (10,486,285 ) | (20,442,877 ) | ||
Net change in unrealized gains (losses) on investments | 22,854,928 | (56,281,688 ) | ||
Net increase (decrease) in net assets resulting from operations | 21,544,199 | (56,240,422 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | (11,834,123 ) | (19,884,690 ) | ||
Tax basis return of capital | 0 | (10,851,209 ) | ||
Total distributions to shareholders | (11,834,123 ) | (30,735,899 ) | ||
Capital share transactions | ||||
Net asset value of common shares issued under the Automatic Dividend Reinvestment Plan | 185,562 | 383,596 | ||
Cost of shares repurchased | 0 | (674,908 ) | ||
Net increase (decrease) from capital share transactions | 185,562 | (291,312 ) | ||
Total increase (decrease) in net assets | 9,895,638 | (87,267,633 ) | ||
Net assets | ||||
Beginning of period | 265,673,401 | 352,941,034 | ||
End of period | $275,569,039 | $265,673,401 |
Cash flows from operating activities | |
Net increase in net assets resulting from operations | $21,544,199 |
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities | |
Purchases of long-term securities | (90,893,543 ) |
Proceeds from the sales of long-term securities | 85,394,788 |
Paydowns | 1,811,049 |
Amortization, net | (356,338 ) |
Purchases and sales of short-term securities, net | 5,723,426 |
Increase in receivable for investments sold | (2,577,724 ) |
Decrease in principal paydown receivable | 829 |
Increase in receivable for dividends and interest | (164,964 ) |
Increase in prepaid expenses and other assets | (10,329 ) |
Increase in payable for investments purchased | 3,808,390 |
Decrease in trustees’ fees and expenses payable | (1,096 ) |
Decrease in advisory fee payable | (341 ) |
Decrease in administration fees payable | (32 ) |
Decrease in accrued expenses and other liabilities | (209,885 ) |
Proceeds from foreign currency transactions | 161,195 |
Net realized losses on unaffiliated securities | 10,536,098 |
Net realized gains on foreign currency and foreign currency translations | (49,813 ) |
Net change in unrealized gains (losses) on unaffiliated securities | (22,743,546 ) |
Net change in unrealized gain (losses) on foreign currency and foreign currency translations | (111,382 ) |
Net cash provided by operating activities | 11,860,981 |
Cash flows from financing activities | |
Cash distributions paid | (11,902,086 ) |
Net cash used in financing activities | (11,902,086 ) |
Net decrease in cash | (41,105 ) |
Cash (including foreign currency) | |
Beginning of period | 357,958 |
End of period | $316,853 |
Supplemental cash disclosure | |
Cash paid for interest | $1,987,650 |
Supplemental non-cash financing disclosure | |
Reinvestment of dividends | $185,562 |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited) | Year ended October 31 | |||||
2022 | 2021 | 2020 | 2019 | 2018 | ||
Net asset value, beginning of period | $9.47 | $12.57 | $12.14 | $13.21 | $13.10 | $14.31 |
Net investment income | 0.33 1 | 0.73 1 | 0.79 1 | 0.76 1 | 0.81 1 | 0.85 1 |
Net realized and unrealized gains (losses) on investments | 0.44 | (2.73 ) | 0.75 | (0.86 ) | 0.48 | (0.92 ) |
Total from investment operations | 0.77 | (2.00 ) | 1.54 | (0.10 ) | 1.29 | (0.07 ) |
Distributions to shareholders from | ||||||
Net investment income | (0.42 ) | (0.71 ) | (0.81 ) | (0.65 ) | (0.70 ) | (0.46 ) |
Tax basis return of capital | 0.00 | (0.39 ) | (0.31 ) | (0.52 ) | (0.52 ) | (0.83 ) |
Total distributions to shareholders | (0.42 ) | (1.10 ) | (1.12 ) | (1.17 ) | (1.22 ) | (1.29 ) |
Anti-dilutive effect of shares repurchased | 0.00 | 0.00 2 | 0.01 | 0.20 | 0.04 | 0.15 |
Net asset value, end of period | $9.82 | $9.47 | $12.57 | $12.14 | $13.21 | $13.10 |
Market value, end of period | $9.12 | $8.97 | $13.34 | $10.85 | $12.67 | $11.57 |
Total return based on market value3 | 6.24 % | (25.38 )% | 34.28 % | (5.09 )% | 20.91 % | (1.91 )% |
Ratios to average net assets (annualized) | ||||||
Expenses* | 3.14 % | 1.64 % | 1.19 % | 1.75 % | 2.29 % | 2.14 % |
Net investment income* | 6.77 % | 6.71 % | 6.14 % | 6.15 % | 6.17 % | 6.12 % |
Supplemental data | ||||||
Portfolio turnover rate | 20 % | 40 % | 47 % | 36 % | 26 % | 25 % |
Net assets, end of period (000s omitted) | $275,569 | $265,673 | $352,941 | $344,553 | $403,907 | $413,317 |
Borrowings outstanding, end of period (000s omitted) | $119,000 | $119,000 | $139,000 | $139,000 | $173,000 | $187,000 |
Asset coverage per $1,000 of borrowing, end of period | $3,316 | $3,233 | $3,539 | $3,479 | $3,335 | $3,210 |
* | Ratios include interest expense relating to interest associated with borrowings and/or leverage transactions as follows: |
Six months ended April 30, 2023 (unaudited) | 2.25% |
Year ended October 31, 2022 | 0.74% |
Year ended October 31, 2021 | 0.32% |
Year ended October 31, 2020 | 0.80% |
Year ended October 31, 2019 | 1.32% |
Year ended October 31, 2018 | 1.07% |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return is calculated assuming a purchase of common stock on the first day and a sale on the last day of the period reported. Dividends and distributions, if any, are assumed for purposes of these calculations to be reinvested at prices obtained under the Fund’s Automatic Dividend Reinvestment Plan. Total return does not reflect brokerage commissions that a shareholder would pay on the purchase and sale of shares. |
Gross unrealized gains | $7,695,166 |
Gross unrealized losses | (37,918,146 ) |
Net unrealized losses | $(30,222,980 ) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Agency securities | $0 | $476,186 | $0 | $476,186 |
Asset-backed securities | 0 | 11,236,237 | 0 | 11,236,237 |
Common stocks | ||||
Energy | 908,773 | 0 | 0 | 908,773 |
Financials | 331,108 | 0 | 0 | 331,108 |
Corporate bonds and notes | 0 | 186,555,080 | 0 | 186,555,080 |
Foreign corporate bonds and notes | 0 | 21,302,450 | 0 | 21,302,450 |
Foreign government bonds | 0 | 65,374,426 | 0 | 65,374,426 |
Loans | 0 | 53,823,012 | 553,842 | 54,376,854 |
Non-agency mortgage-backed securities | 0 | 11,852,759 | 0 | 11,852,759 |
Rights | ||||
Communication services | 0 | 0 | 0 | 0 |
Yankee corporate bonds and notes | 0 | 29,142,997 | 0 | 29,142,997 |
Yankee government bonds | 0 | 731,622 | 0 | 731,622 |
Short-term investments | ||||
Investment companies | 10,083,703 | 0 | 0 | 10,083,703 |
Total assets | $11,323,584 | $380,494,769 | $553,842 | $392,372,195 |
Unfunded commitments | Unrealized gain (loss) | |
American Airlines, Inc., 10.00%, 4-20-2028 | $425,250 | $(4,968 ) |
Applied Systems, Inc., 9.40%, 9-18-2026 | 430,000 | 8,777 |
Asurion LLC, 8.27%, 12-23-2026 | 239,388 | (7,018 ) |
B&G Foods, Inc., 7.52%, 10-10-2026 | 1,755,000 | (19,602 ) |
Broadstreet Partners, Inc., 8.99%, 4-27-2029 | 873,937 | 3,319 |
Genesys Cloud Services Holdings II LLC, 9.02%, 12-1-2027 | 795,000 | (3,496 ) |
GIP II Blue Holding LP, 9.66%, 9-29-2028 | 221,622 | (670 ) |
MIP V Waste Holdings LLC, 8.27%, 12-8-2028 | 245,625 | (2,567 ) |
SkyMiles IP Ltd., 8.80%, 10-20-2027 | 139,725 | 2,733 |
$5,125,547 | $(23,492 ) |
Declaration date | Record date | Payable date | Per share amount |
April 28,2023 | May 12,2023 | June 1,2023 | $0.06604 |
May 18,2023 | June 13,2023 | July 3,2023 | 0.06541 |
Isaiah Harris, Jr. | ||
Shares voted “For” | 20,187,894 | |
Shares voted “Withhold” | 1,092,556 | |
David F. Larcker | ||
Shares voted “For” | 20,268,984 | |
Shares voted “Withhold” | 1,011,466 | |
Olivia S. Mitchell | ||
Shares voted “For” | 20,481,668 | |
Shares voted “Withhold” | 798,782 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Class I - Non-Interested Trustees to serve until 2026 Annual Meeting of Shareholders | |||
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2010; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2010 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2010; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Class II - Non-Interested Trustees to serve until 2024 Annual Meeting of Shareholders | |||
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Class III - Non-Interested Trustees to serve until 2025 Annual Meeting of Shareholders | |||
Timothy J. Penny (Born 1951) | Trustee, since 2010; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
Agent & Dividend Disbursing Agent
P.O. Box 505000
Louisville, Kentucky 40233
1-800-730-6001
SAR159 04-23
ITEM 2. CODE OF ETHICS
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. INVESTMENTS
A Portfolio of Investments for Allspring Multi-Sector Income Fund is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES PORTFOLIO MANAGERS
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
Period | (a) Total Number of Shares Purchased | (b) Average Price Paid per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||
11/1/2022 to 11/30/2022 | 0 | 0 | 0 | 2,737,991 | ||||||||||||
12/1/2022 to 12/31/2022 | 0 | 0 | 0 | 2,737,991 | ||||||||||||
1/1/2023 to 1/31/2023 | 0 | 0 | 0 | 1,402,608 | ||||||||||||
2/1/2023 to 2/28/2023 | 0 | 0 | 0 | 1,402,608 | ||||||||||||
3/1/2023 to 3/31/2023 | 0 | 0 | 0 | 1,402,608 | ||||||||||||
4/1/2023 to 4/30/2023 | 0 | 0 | 0 | 1,402,608 | ||||||||||||
Total | 0 | 0 | 0 | 1,402,608 |
3
On November 16, 2022, the Fund announced a renewal of its open-market share repurchase program (the “Buyback Program”). Under the renewed Buyback Program, the Fund may repurchase up to 5% of its outstanding shares in open market transactions during the period beginning on January 1, 2023 and ending on December 31, 2023. The Fund’s Board of Trustees has delegated to Allspring Funds Management, LLC, the Fund’s adviser, discretion to administer the Buyback Program, including the determination of the amount and timing of repurchases in accordance with the best interests of the Fund and subject to applicable legal limitations.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.
ITEM 11. CONTROLS AND PROCEDURES
(a) The President and Treasurer have concluded that the Allspring Multi-Sector Income Fund (the “Fund”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Fund is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
(b) There were no significant changes in the Fund’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal half-year of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 12. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 13. EXHIBITS
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(a)(3) Not applicable.
(a)(4) Not applicable.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
4
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Allspring Multi-Sector Income Fund | ||
By: | /s/ Andrew Owen | |
Andrew Owen | ||
President | ||
Date: June 27, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
Allspring Multi-Sector Income Fund | ||
By: | /s/ Andrew Owen | |
Andrew Owen | ||
President | ||
Date: June 27, 2023 | ||
By: | /s/ Jeremy DePalma | |
Jeremy DePalma | ||
Treasurer | ||
Date: June 27, 2023 |