Allspring Fund Seeks Shareholder Approval for New Trustee, Staggered Board

TL;DR

**ERC's board is getting a refresh with a new trustee and staggered terms, signaling stability but watch for future strategic shifts.**

AI Summary

Allspring Multi-Sector Income Fund (ERC) filed a DEF 14A on December 31, 2025, primarily to solicit proxies for its Annual Meeting of Shareholders on February 2, 2026. The main agenda is the election of three Class I Trustees: Isaiah Harris, Jr., Olivia Mitchell, and new nominee Cindy Miller, who will serve until the 2029 annual meeting. The Board of Trustees, which will comprise nine independent members effective January 1, 2026, unanimously recommends voting for these nominees. As of November 28, 2025, the Fund had 28,053,782 Shares outstanding, with First Trust Portfolios L.P. owning 9.02% (2,529,661 shares) and Sit Investment Associates, Inc. owning 8.00% (2,232,680 shares). The Fund will bear the proxy solicitation costs, estimated at $4,086, paid to Computershare Fund Services. The filing details the staggered terms of the Trustees, with Mr. Harris expected to retire by December 31, 2027, and Ms. Mitchell by December 31, 2028. The document does not contain specific revenue or net income figures, nor does it detail key business changes or strategic outlook beyond the board elections.

Why It Matters

This DEF 14A filing is crucial for investors as it outlines the upcoming board elections, which directly impact the governance and oversight of the Allspring Multi-Sector Income Fund. The introduction of a new trustee, Cindy Miller, and the staggered terms for all trustees, including the planned retirements of Isaiah Harris, Jr. and Olivia Mitchell, signal a gradual evolution in leadership. This could influence strategic decisions and investment policies, potentially affecting the fund's performance and competitive standing against other multi-sector income funds. For employees, changes in board composition can indirectly shape corporate culture and long-term direction, while customers may see shifts in fund management philosophy over time.

Risk Assessment

Risk Level: low — The risk level is low because this DEF 14A filing primarily concerns routine board elections and governance structure, not significant financial or operational changes. The Board of Trustees unanimously recommends the election of the nominees, and the staggered terms are a common practice for promoting stability, as stated in the filing.

Analyst Insight

Investors should review the backgrounds of the nominated trustees, particularly Cindy Miller, to understand potential new perspectives on the board. While the board recommends voting for all nominees, shareholders should consider their own governance preferences and vote accordingly, especially given the planned retirements of existing trustees.

Key Numbers

• 2025-12-31 — Filing Date (Date the DEF 14A was filed)
• 2026-02-02 — Annual Meeting Date (Date of the Annual Meeting of Shareholders)
• 28,053,782 — Shares Outstanding (As of November 28, 2025)
• 9.02% — First Trust Portfolios L.P. Ownership (Percentage of outstanding shares owned)
• 8.00% — Sit Investment Associates, Inc. Ownership (Percentage of outstanding shares owned)
• $4,086 — Proxy Solicitation Fee (Fee paid to Computershare Fund Services)
• 3 — Trustees for Election (Number of Class I Trustees to be elected)
• 9 — Total Board Members (Effective January 1, 2026, all Independent Trustees)
• 2029 — Class I Term Expiration (Year the elected Class I Trustees' terms expire)
• 2025-11-28 — Record Date (Shareholders of record entitled to vote)

Key Players & Entities

• ALLSPRING MULTI-SECTOR INCOME FUND (company) — Registrant
• ERC (company) — Ticker
• Isaiah Harris, Jr. (person) — Nominee Trustee, Class I
• Olivia Mitchell (person) — Nominee Trustee, Class I
• Cindy Miller (person) — New Nominee Trustee, Class I
• First Trust Portfolios L.P. (company) — Beneficial owner of 9.02% of shares
• Sit Investment Associates, Inc. (company) — Beneficial owner of 8.00% of shares
• Computershare Fund Services (company) — Proxy solicitor
• R. Matthew Prasse (person) — Secretary of the Fund
• SEC (regulator) — Securities and Exchange Commission

FAQ

Industry Context

The multi-sector income fund industry operates within the broader asset management sector, characterized by intense competition for investor capital. Funds in this space typically aim to provide diversified income streams by investing across various fixed-income sectors, such as corporate bonds, government securities, and mortgage-backed securities. Key industry trends include a focus on yield enhancement, active management strategies to navigate interest rate volatility, and increasing demand for income-generating products from retail and institutional investors.

Regulatory Implications

As a registered investment company, Allspring Multi-Sector Income Fund is subject to extensive regulation by the SEC under the Investment Company Act of 1940. This DEF 14A filing itself is a regulatory requirement. Changes in regulations concerning fund governance, disclosure, or investment practices could impact the Fund's operations and compliance costs.

What Investors Should Do

1. Review the nominees for Trustee positions.
2. Vote your proxy.
3. Note the Board's unanimous recommendation.

Key Dates

• 2025-12-31: DEF 14A Filing Date — Indicates the official filing date of the proxy statement with the SEC.
• 2026-02-02: Annual Meeting of Shareholders — The date for the shareholder meeting where key proposals, such as trustee elections, will be voted upon.
• 2025-11-28: Record Date — Shareholders of record on this date are entitled to vote at the Annual Meeting.
• 2029: Class I Trustee Term Expiration — Marks the end of the term for the newly elected Class I Trustees, indicating the next election cycle for these positions.
• 2027-12-31: Expected Retirement of Trustee Isaiah Harris, Jr. — Provides insight into potential future changes in board composition and the need for future trustee elections.
• 2028-12-31: Expected Retirement of Trustee Olivia Mitchell — Provides insight into potential future changes in board composition and the need for future trustee elections.

Glossary

DEF 14A

A filing required by the U.S. Securities and Exchange Commission (SEC) that provides shareholders with information about matters to be voted on at an annual or special meeting of shareholders. (This document is the primary source of information for shareholders regarding the upcoming annual meeting and the proposals to be voted on, including the election of trustees.)

Trustee

A member of the Board of Trustees responsible for overseeing the management and operations of the Fund, acting in the best interests of shareholders. (The election of Trustees is the primary purpose of the Annual Meeting, and their decisions significantly impact the Fund's strategy and performance.)

Proxy Statement

A document that is sent to shareholders before a shareholder meeting, containing information about the matters to be discussed and voted upon, including the company's recommendations. (This document solicits shareholder votes for the election of Trustees and outlines the Board's recommendations.)

Shares Outstanding

The total number of shares of a company that are currently held by all its shareholders, including share blocks held by institutional investors and insiders. (The number of outstanding shares is crucial for calculating ownership percentages and determining voting power.)

Quorum

The minimum number of shareholders or proxies required to be present at a meeting for business to be legally transacted. (A quorum is necessary for the Annual Meeting to proceed with voting on proposals, ensuring the validity of shareholder decisions.)

Broker Non-Vote

A ballot cast by a broker or nominee that does not direct how to vote on a particular proposal because the broker or nominee has not received voting instructions from the beneficial owner and does not have discretionary voting power. (Broker non-votes can impact the outcome of a vote by not being counted in favor or against a proposal, though they do count towards a quorum.)

Year-Over-Year Comparison

This filing is a standard DEF 14A for an annual meeting and does not provide comparative financial data to a previous filing. The primary focus is on the election of Trustees and routine corporate governance matters. Information regarding revenue, net income, or significant business changes is not detailed in this proxy statement, making a direct comparison of financial performance metrics impossible based solely on this document.

Key Financial Figures

• $4,086 — Shareholders for a fee of approximately $4,086. This fee will be borne by the Fund.
• $1 — OCTOBER 31, 2025 Isaiah Harris, Jr. $1-$10,000 Over $100,000 Cindy Miller
• $10,000 — OBER 31, 2025 Isaiah Harris, Jr. $1-$10,000 Over $100,000 Cindy Miller 1 $0
• $100,000 — Isaiah Harris, Jr. $1-$10,000 Over $100,000 Cindy Miller 1 $0 $0 Olivia S.
• $0 — ,000 Over $100,000 Cindy Miller 1 $0 $0 Olivia S. Mitchell $1-$10,000
• $10,001 — endent Trustees William R. Ebsworth $10,001-$50,000 Over $100,000 Jane A. Freem
• $50,000 — rustees William R. Ebsworth $10,001-$50,000 Over $100,000 Jane A. Freeman $1-
• $100,000 B — es G. Polisson $10,001-$50,000 Over $100,000 Brian S. Shlissel 1 $0 $0 Pamela Wh

Filing Documents

• ercwrapper.htm (DEF 14A) — 415KB
• image1.jpg (GRAPHIC) — 62KB
• image2.gif (GRAPHIC) — 1KB
• image3.gif (GRAPHIC) — 1KB
• 0001227073-25-000008.txt ( ) — 505KB

From the Filing

DEF 14A 1 ercwrapper.htm ALLSPRING MULTI-SECTOR INCOME FUND PROXY STATEMENT AND PROXY CARD SCHEDULE 14A INFORMATION PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES EXCHANGE ACT OF 1934 Filed by the Registrant [X] Filed by a Party other than the Registrant [ ] Check the Appropriate Box:       [ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) [X] Definitive Proxy Statement [ ] Definitive Additional Materials [ ] Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12 ALLSPRING MULTI-SECTOR INCOME FUND (Name of Registrant as Specified in Its Charter) Payment of filing fee (check the appropriate box):       [ X ] [ ] No fee required. Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.   (a) Title of each class of securities to which transaction applies:   (b) Aggregate number of securities to which transaction applies:   (c) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):   (d) Proposed maximum aggregate value of transaction:   (e) Total fee paid: [ ] Fee paid previously with preliminary material [ ] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.   (a) Amount Previously Paid: ______________   (b) Form, Schedule or Registration Statement No.: ____   (c) Filing Party: ______________________   (d) Date Filed: _______________________   ALLSPRING MULTI-SECTOR INCOME FUND 1415 Vantage Park Drive, 3rd Floor, Charlotte, North Carolina 28203 NOTICE OF ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON FEBRUARY 2, 2026 Notice is hereby given that the Annual Meeting of Shareholders (the “Meeting”) of the Allspring Multi-Sector Income Fund (the “Fund”) will be held at 101 Seaport Boulevard, 11th Floor, Boston, Massachusetts 02210 on February 2, 2026, at 1:30 p.m. Eastern time, for the following purposes:   1. To elect three Trustees to the Board of Trustees of the Fund to serve for the term indicated herein and until their successors shall have been duly elected and qualified; and   2. To transact such other business as may properly come before the Meeting or any adjournments thereof.   Shareholders of record at the close of business on November 28, 2025, will be entitled to vote at the Meeting to the extent described in the accompanying proxy statement. If you cannot attend the Meeting in person, you also have the option to attend the Meeting telephonically. It is hoped that you will attend the Meeting in person or telephonically, but if you cannot do so, please complete and sign the enclosed proxy card and return it in the accompanying envelope as promptly as possible or vote by telephone or Internet. Any shareholder attending the Meeting can vote at that time even though a proxy may have already been designated by the shareholder. Instructions for the proper execution of the proxy card, as well as instructions on how to vote by telephone and Internet, are set forth at the end of the proxy statement. If you wish to attend the Meeting in person or telephonically, please call the Fund’s proxy solicitor, Computershare Fund Services, at 866-989-5570 for further instructions. THE BOARD OF TRUSTEES OF THE FUND UNANIMOUSLY RECOMMENDS THAT YOU VOTE FOR THE ELECTION OF EACH NOMINEE AS A TRUSTEE. By Order of the Board of Trustees, R. Matthew Prasse Secretary December 31, 2025       ALLSPRING MULTI-SECTOR INCOME FUND PROXY STATEMENT This proxy statement is furnished in connection with the solicitation of proxies by and on behalf of the Board of Trustees (the “Board”) of the Allspring Multi-Sector Income Fund (the “Fund”) for the Annual Meeting of Shareholders (the “Meeting”) to be held at 101 Seaport Boulevard, 11th Floor, Boston, Massachusetts 02210 on February 2, 2026, at 1:30 p.m. Eastern time. If you cannot attend the Meeting in person, you also have the option to attend the Meeting telephonically. If you wish to participate in the Meeting, you may submit the proxy card included with this proxy statement by mail, vote by telephone or Internet, or attend the Meeting in person or telephonically. (See “Instructions for Executing Proxy Card” at the end of this proxy statement for voting instructions.) If you wish to attend the Meeting in person or telephonically, please call the Fund’s proxy solicitor, Computershare Fund Services, at 866-989-5570 for ins

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