Portfolio of investments—May 31, 2024 (unaudited)
Portfolio of investments
Shares | Value | |||||
Common stocks: 0.02% | ||||||
Investment Companies: 0.02% | ||||||
Resolute Topco, Inc.‡† | 8,524 | $42,620 | ||||
Total common stocks (Cost $127,860) | 42,620 |
Interest rate | Maturity date | Principal | ||||
Corporate bonds and notes: 79.78% | ||||||
Basic materials: 0.35% | ||||||
Chemicals: 0.35% | ||||||
SCIH Salt Holdings, Inc.144A | 6.63 % | 5-1-2029 | $ | 1,065,000 | 1,003,064 | |
Communications: 9.24% | ||||||
Advertising: 1.56% | ||||||
Clear Channel Outdoor Holdings, Inc.144A | 7.50 | 6-1-2029 | 1,060,000 | 870,266 | ||
Clear Channel Outdoor Holdings, Inc.144A | 9.00 | 9-15-2028 | 955,000 | 993,970 | ||
Outfront Media Capital LLC/Outfront Media Capital Corp.144A | 4.63 | 3-15-2030 | 820,000 | 728,946 | ||
Outfront Media Capital LLC/Outfront Media Capital Corp.144A | 5.00 | 8-15-2027 | 775,000 | 744,242 | ||
Outfront Media Capital LLC/Outfront Media Capital Corp.144A | 7.38 | 2-15-2031 | 1,050,000 | 1,085,127 | ||
4,422,551 | ||||||
Internet: 1.79% | ||||||
Arches Buyer, Inc.144A | 4.25 | 6-1-2028 | 825,000 | 720,047 | ||
Arches Buyer, Inc.144A | 6.13 | 12-1-2028 | 850,000 | 684,723 | ||
Cablevision Lightpath LLC144A | 3.88 | 9-15-2027 | 860,000 | 750,012 | ||
Cablevision Lightpath LLC144A | 5.63 | 9-15-2028 | 800,000 | 629,955 | ||
Match Group Holdings II LLC144A | 5.63 | 2-15-2029 | 2,425,000 | 2,299,120 | ||
5,083,857 | ||||||
Media: 5.56% | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp.144A | 4.25 | 1-15-2034 | 2,300,000 | 1,713,706 | ||
CCO Holdings LLC/CCO Holdings Capital Corp.144A | 4.50 | 8-15-2030 | 3,000,000 | 2,492,718 | ||
CCO Holdings LLC/CCO Holdings Capital Corp.144A | 5.00 | 2-1-2028 | 975,000 | 900,225 | ||
CSC Holdings LLC144A | 5.75 | 1-15-2030 | 1,415,000 | 611,431 | ||
CSC Holdings LLC144A | 11.25 | 5-15-2028 | 995,000 | 802,846 | ||
CSC Holdings LLC144A | 11.75 | 1-31-2029 | 890,000 | 707,290 | ||
Directv Financing LLC/Directv Financing Co-Obligor, Inc.144A | 5.88 | 8-15-2027 | 625,000 | 586,883 | ||
DISH Network Corp.144A | 11.75 | 11-15-2027 | 900,000 | 902,981 | ||
Nexstar Media, Inc.144A | 5.63 | 7-15-2027 | 905,000 | 854,214 | ||
Paramount Global (3 Month LIBOR+3.90%)± | 6.25 | 2-28-2057 | 325,000 | 283,187 | ||
Scripps Escrow II, Inc.144A | 5.38 | 1-15-2031 | 1,150,000 | 470,345 | ||
Sirius XM Radio, Inc.144A | 4.13 | 7-1-2030 | 3,475,000 | 2,912,569 | ||
Townsquare Media, Inc.144A | 6.88 | 2-1-2026 | 2,595,000 | 2,536,339 | ||
15,774,734 | ||||||
Telecommunications: 0.33% | ||||||
CommScope, Inc.144A | 6.00 | 3-1-2026 | 630,000 | 562,275 | ||
ViaSat, Inc.144A | 5.63 | 9-15-2025 | 385,000 | 373,382 | ||
935,657 |
See accompanying notes to portfolio of investments
Allspring High Yield Bond Fund | 1
Portfolio of investments—May 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Consumer, cyclical: 15.73% | ||||||
Airlines: 0.81% | ||||||
Hawaiian Airlines Pass-Through Certificates Series 2013-1 Class A | 3.90 % | 1-15-2026 | $ | 624,834 | $587,418 | |
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.144A | 5.75 | 1-20-2026 | 1,210,000 | 1,115,747 | ||
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.144A | 8.00 | 9-20-2025 | 795,000 | 596,970 | ||
2,300,135 | ||||||
Apparel: 1.15% | ||||||
Crocs, Inc.144A | 4.13 | 8-15-2031 | 750,000 | 652,266 | ||
Crocs, Inc.144A | 4.25 | 3-15-2029 | 1,700,000 | 1,551,741 | ||
Tapestry, Inc. | 7.85 | 11-27-2033 | 1,000,000 | 1,054,130 | ||
3,258,137 | ||||||
Auto manufacturers: 0.34% | ||||||
Ford Motor Co. | 4.75 | 1-15-2043 | 1,200,000 | 970,171 | ||
Auto parts & equipment: 1.31% | ||||||
Adient Global Holdings Ltd.144A | 8.25 | 4-15-2031 | 660,000 | 687,389 | ||
American Axle & Manufacturing, Inc. | 5.00 | 10-1-2029 | 1,400,000 | 1,274,658 | ||
ZF North America Capital, Inc.144A | 6.75 | 4-23-2030 | 930,000 | 941,228 | ||
ZF North America Capital, Inc.144A | 6.88 | 4-23-2032 | 795,000 | 813,287 | ||
3,716,562 | ||||||
Distribution/wholesale: 0.46% | ||||||
G-III Apparel Group Ltd.144A | 7.88 | 8-15-2025 | 1,290,000 | 1,293,247 | ||
Entertainment: 2.75% | ||||||
CCM Merger, Inc.144A | 6.38 | 5-1-2026 | 3,270,000 | 3,245,873 | ||
Churchill Downs, Inc.144A | 4.75 | 1-15-2028 | 1,655,000 | 1,567,872 | ||
Churchill Downs, Inc.144A | 6.75 | 5-1-2031 | 320,000 | 318,377 | ||
Cinemark USA, Inc.144A | 5.25 | 7-15-2028 | 805,000 | 751,577 | ||
Live Nation Entertainment, Inc.144A | 3.75 | 1-15-2028 | 575,000 | 528,312 | ||
Six Flags Entertainment Corp./Six Flags Theme Parks, Inc.144A | 6.63 | 5-1-2032 | 1,390,000 | 1,391,014 | ||
7,803,025 | ||||||
Home builders: 0.62% | ||||||
LGI Homes, Inc.144A | 8.75 | 12-15-2028 | 940,000 | 975,990 | ||
Taylor Morrison Communities, Inc.144A | 5.13 | 8-1-2030 | 365,000 | 346,301 | ||
Tri Pointe Homes, Inc. | 5.70 | 6-15-2028 | 450,000 | 439,952 | ||
1,762,243 | ||||||
Housewares: 0.38% | ||||||
Newell Brands, Inc. | 5.70 | 4-1-2026 | 1,105,000 | 1,091,098 | ||
Leisure time: 2.03% | ||||||
Carnival Holdings Bermuda Ltd.144A | 10.38 | 5-1-2028 | 2,275,000 | 2,463,004 | ||
NCL Corp. Ltd.144A | 5.88 | 3-15-2026 | 720,000 | 707,927 | ||
NCL Corp. Ltd.144A | 5.88 | 2-15-2027 | 700,000 | 689,939 | ||
NCL Corp. Ltd.144A | 7.75 | 2-15-2029 | 830,000 | 852,917 |
See accompanying notes to portfolio of investments
2 | Allspring High Yield Bond Fund
Portfolio of investments—May 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Leisure time(continued) | ||||||
NCL Corp. Ltd.144A | 8.13 % | 1-15-2029 | $ | 335,000 | $350,024 | |
Viking Cruises Ltd.144A | 7.00 | 2-15-2029 | 705,000 | 706,261 | ||
5,770,072 | ||||||
Retail: 5.88% | ||||||
Bath & Body Works, Inc.144A | 6.63 | 10-1-2030 | 425,000 | 425,574 | ||
Dave & Buster’s, Inc.144A | 7.63 | 11-1-2025 | 535,000 | 537,818 | ||
FirstCash, Inc.144A | 4.63 | 9-1-2028 | 1,410,000 | 1,322,111 | ||
FirstCash, Inc.144A | 6.88 | 3-1-2032 | 600,000 | 594,982 | ||
Gap, Inc.144A | 3.88 | 10-1-2031 | 1,380,000 | 1,145,555 | ||
Kohl’s Corp. | 4.63 | 5-1-2031 | 1,475,000 | 1,189,484 | ||
Lithia Motors, Inc.144A | 4.38 | 1-15-2031 | 835,000 | 735,682 | ||
LSF9 Atlantis Holdings LLC/Victra Finance Corp.144A | 7.75 | 2-15-2026 | 725,000 | 718,238 | ||
Macy’s Retail Holdings LLC144A | 5.88 | 4-1-2029 | 885,000 | 852,171 | ||
Macy’s Retail Holdings LLC144A | 6.13 | 3-15-2032 | 1,530,000 | 1,455,656 | ||
Michaels Cos., Inc.144A | 7.88 | 5-1-2029 | 890,000 | 605,284 | ||
NMG Holding Co., Inc./Neiman Marcus Group LLC144A | 7.13 | 4-1-2026 | 1,210,000 | 1,203,167 | ||
PetSmart, Inc./PetSmart Finance Corp.144A | 4.75 | 2-15-2028 | 1,410,000 | 1,309,473 | ||
PetSmart, Inc./PetSmart Finance Corp.144A | 7.75 | 2-15-2029 | 1,510,000 | 1,445,627 | ||
Raising Cane’s Restaurants LLC144A | 9.38 | 5-1-2029 | 1,040,000 | 1,119,709 | ||
Sally Holdings LLC/Sally Capital, Inc. | 6.75 | 3-1-2032 | 1,185,000 | 1,162,429 | ||
Sonic Automotive, Inc.144A | 4.88 | 11-15-2031 | 960,000 | 842,492 | ||
16,665,452 | ||||||
Consumer, non-cyclical: 11.35% | ||||||
Commercial services: 5.80% | ||||||
Allied Universal Holdco LLC144A | 7.88 | 2-15-2031 | 875,000 | 872,300 | ||
Allied Universal Holdco LLC/Allied Universal Finance Corp.144A | 6.00 | 6-1-2029 | 1,115,000 | 951,689 | ||
Allied Universal Holdco LLC/Allied Universal Finance Corp.144A | 6.63 | 7-15-2026 | 33,000 | 32,981 | ||
Block, Inc.144A | 6.50 | 5-15-2032 | 730,000 | 736,783 | ||
CoreCivic, Inc. | 8.25 | 4-15-2029 | 2,480,000 | 2,589,838 | ||
GEO Group, Inc.144A | 8.63 | 4-15-2029 | 1,730,000 | 1,780,699 | ||
GEO Group, Inc.144A | 10.25 | 4-15-2031 | 1,670,000 | 1,757,528 | ||
MPH Acquisition Holdings LLC144A | 5.50 | 9-1-2028 | 610,000 | 453,648 | ||
MPH Acquisition Holdings LLC144A | 5.75 | 11-1-2028 | 1,860,000 | 1,106,332 | ||
Prime Security Services Borrower LLC/Prime Finance, Inc.144A | 6.25 | 1-15-2028 | 1,100,000 | 1,079,911 | ||
Sabre Global, Inc.144A | 11.25 | 12-15-2027 | 2,165,000 | 2,104,468 | ||
Sotheby’s/Bidfair Holdings, Inc.144A | 5.88 | 6-1-2029 | 1,205,000 | 942,699 | ||
Upbound Group, Inc.144A | 6.38 | 2-15-2029 | 2,125,000 | 2,049,079 | ||
16,457,955 | ||||||
Food: 0.81% | ||||||
B&G Foods, Inc.144A | 8.00 | 9-15-2028 | 2,260,000 | 2,293,712 | ||
Healthcare-services: 3.97% | ||||||
CHS/Community Health Systems, Inc.144A | 5.25 | 5-15-2030 | 1,055,000 | 875,757 | ||
CHS/Community Health Systems, Inc.144A | 5.63 | 3-15-2027 | 1,000,000 | 947,151 | ||
CHS/Community Health Systems, Inc.144A | 8.00 | 3-15-2026 | 378,000 | 378,675 |
See accompanying notes to portfolio of investments
Allspring High Yield Bond Fund | 3
Portfolio of investments—May 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Healthcare-services(continued) | ||||||
CHS/Community Health Systems, Inc.144A | 10.88 % | 1-15-2032 | $ | 700,000 | $723,271 | |
IQVIA, Inc.144A | 6.50 | 5-15-2030 | 1,260,000 | 1,272,479 | ||
ModivCare Escrow Issuer, Inc.144A | 5.00 | 10-1-2029 | 1,300,000 | 923,210 | ||
Pediatrix Medical Group, Inc.144A | 5.38 | 2-15-2030 | 1,690,000 | 1,456,002 | ||
Star Parent, Inc.144A | 9.00 | 10-1-2030 | 1,515,000 | 1,579,755 | ||
Surgery Center Holdings, Inc.144A | 7.25 | 4-15-2032 | 590,000 | 594,427 | ||
Tenet Healthcare Corp.144A | 6.75 | 5-15-2031 | 2,485,000 | 2,507,758 | ||
11,258,485 | ||||||
Pharmaceuticals: 0.77% | ||||||
AdaptHealth LLC144A | 5.13 | 3-1-2030 | 1,630,000 | 1,423,739 | ||
Endo Finance Holdings, Inc.144A | 8.50 | 4-15-2031 | 750,000 | 768,764 | ||
2,192,503 | ||||||
Energy: 15.37% | ||||||
Energy-alternate sources: 1.49% | ||||||
Enviva Partners LP/Enviva Partners Finance Corp.144A† | 6.50 | 1-15-2026 | 3,940,000 | 1,674,500 | ||
TerraForm Power Operating LLC144A | 5.00 | 1-31-2028 | 2,660,000 | 2,538,767 | ||
4,213,267 | ||||||
Oil & gas: 4.12% | ||||||
Aethon United BR LP/Aethon United Finance Corp.144A | 8.25 | 2-15-2026 | 2,270,000 | 2,291,341 | ||
California Resources Corp.144A%% | 8.25 | 6-15-2029 | 800,000 | 801,238 | ||
Crescent Energy Finance LLC144A | 7.63 | 4-1-2032 | 20,000 | 20,382 | ||
Encino Acquisition Partners Holdings LLC144A | 8.50 | 5-1-2028 | 1,415,000 | 1,442,600 | ||
Encino Acquisition Partners Holdings LLC144A | 8.75 | 5-1-2031 | 955,000 | 987,602 | ||
Hilcorp Energy I LP/Hilcorp Finance Co.144A | 5.75 | 2-1-2029 | 500,000 | 482,999 | ||
Hilcorp Energy I LP/Hilcorp Finance Co.144A | 6.00 | 4-15-2030 | 350,000 | 337,749 | ||
Hilcorp Energy I LP/Hilcorp Finance Co.144A | 6.00 | 2-1-2031 | 675,000 | 643,104 | ||
Hilcorp Energy I LP/Hilcorp Finance Co.144A | 6.25 | 11-1-2028 | 1,230,000 | 1,214,308 | ||
Hilcorp Energy I LP/Hilcorp Finance Co.144A | 6.25 | 4-15-2032 | 350,000 | 335,507 | ||
Hilcorp Energy I LP/Hilcorp Finance Co.144A | 8.38 | 11-1-2033 | 100,000 | 106,971 | ||
Nabors Industries Ltd.144A | 7.50 | 1-15-2028 | 1,185,000 | 1,127,580 | ||
Nabors Industries, Inc.144A | 9.13 | 1-31-2030 | 1,565,000 | 1,616,008 | ||
Talos Production, Inc.144A | 9.00 | 2-1-2029 | 270,000 | 283,251 | ||
11,690,640 | ||||||
Oil & gas services: 1.67% | ||||||
Bristow Group, Inc.144A | 6.88 | 3-1-2028 | 2,920,000 | 2,855,989 | ||
Oceaneering International, Inc. | 6.00 | 2-1-2028 | 1,910,000 | 1,881,898 | ||
4,737,887 | ||||||
Pipelines: 8.09% | ||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp.144A | 6.63 | 2-1-2032 | 1,815,000 | 1,817,350 | ||
Buckeye Partners LP144A | 4.50 | 3-1-2028 | 1,025,000 | 957,931 | ||
CQP Holdco LP/BIP-V Chinook Holdco LLC144A | 5.50 | 6-15-2031 | 2,075,000 | 1,944,527 | ||
CQP Holdco LP/BIP-V Chinook Holdco LLC144A | 7.50 | 12-15-2033 | 1,205,000 | 1,238,107 | ||
DT Midstream, Inc.144A | 4.38 | 6-15-2031 | 410,000 | 368,278 |
See accompanying notes to portfolio of investments
4 | Allspring High Yield Bond Fund
Portfolio of investments—May 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Pipelines(continued) | ||||||
Energy Transfer LP (5 Year Treasury Constant Maturity+4.02%)± | 8.00 % | 5-15-2054 | $ | 250,000 | $260,260 | |
Energy Transfer LP Series H (5 Year Treasury Constant Maturity+5.69%)ʊ± | 6.50 | 11-15-2026 | 445,000 | 435,897 | ||
EnLink Midstream Partners LP | 5.60 | 4-1-2044 | 1,020,000 | 895,456 | ||
Harvest Midstream I LP144A | 7.50 | 9-1-2028 | 1,545,000 | 1,567,800 | ||
Harvest Midstream I LP144A | 7.50 | 5-15-2032 | 775,000 | 785,510 | ||
Hess Midstream Operations LP144A | 5.50 | 10-15-2030 | 530,000 | 508,681 | ||
Hess Midstream Operations LP144A | 6.50 | 6-1-2029 | 240,000 | 242,688 | ||
Kinetik Holdings LP144A | 5.88 | 6-15-2030 | 1,615,000 | 1,573,799 | ||
Kinetik Holdings LP144A | 6.63 | 12-15-2028 | 285,000 | 288,007 | ||
Prairie Acquiror LP144A | 9.00 | 8-1-2029 | 1,155,000 | 1,186,961 | ||
Rockies Express Pipeline LLC144A | 6.88 | 4-15-2040 | 1,880,000 | 1,786,593 | ||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.144A | 6.00 | 12-31-2030 | 1,865,000 | 1,757,652 | ||
Venture Global Calcasieu Pass LLC144A | 6.25 | 1-15-2030 | 2,215,000 | 2,220,327 | ||
Venture Global LNG, Inc.144A | 8.38 | 6-1-2031 | 2,015,000 | 2,077,867 | ||
Venture Global LNG, Inc.144A | 9.88 | 2-1-2032 | 975,000 | 1,045,488 | ||
22,959,179 | ||||||
Financial: 11.18% | ||||||
Banks: 0.71% | ||||||
Bank of America Corp. Series RR (5 Year Treasury Constant Maturity+2.76%)ʊ± | 4.38 | 1-27-2027 | 835,000 | 780,803 | ||
Citigroup, Inc. Series X (5 Year Treasury Constant Maturity+3.42%)ʊ± | 3.88 | 2-18-2026 | 1,295,000 | 1,218,333 | ||
1,999,136 | ||||||
Diversified financial services: 4.65% | ||||||
Aircastle Ltd. Series A (5 Year Treasury Constant Maturity+4.41%)144Aʊ± | 5.25 | 6-15-2026 | 1,810,000 | 1,719,521 | ||
Enact Holdings, Inc.144A | 6.50 | 8-15-2025 | 980,000 | 987,105 | ||
Encore Capital Group, Inc.144A | 9.25 | 4-1-2029 | 710,000 | 738,893 | ||
Jane Street Group/JSG Finance, Inc.144A | 7.13 | 4-30-2031 | 540,000 | 549,765 | ||
Jefferies Finance LLC/JFIN Co-Issuer Corp.144A | 5.00 | 8-15-2028 | 805,000 | 740,052 | ||
Nationstar Mortgage Holdings, Inc.144A | 5.00 | 2-1-2026 | 1,400,000 | 1,373,615 | ||
Nationstar Mortgage Holdings, Inc.144A | 7.13 | 2-1-2032 | 1,050,000 | 1,044,955 | ||
Navient Corp. | 5.00 | 3-15-2027 | 825,000 | 782,919 | ||
Navient Corp. | 11.50 | 3-15-2031 | 100,000 | 109,801 | ||
OneMain Finance Corp. | 7.13 | 3-15-2026 | 575,000 | 583,441 | ||
Oppenheimer Holdings, Inc. | 5.50 | 10-1-2025 | 825,000 | 810,562 | ||
PRA Group, Inc.144A | 5.00 | 10-1-2029 | 2,730,000 | 2,314,612 | ||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.144A | 4.00 | 10-15-2033 | 765,000 | 635,143 | ||
United Wholesale Mortgage LLC144A | 5.50 | 4-15-2029 | 850,000 | 798,150 | ||
13,188,534 | ||||||
Insurance: 2.43% | ||||||
AmWINS Group, Inc.144A | 4.88 | 6-30-2029 | 1,500,000 | 1,378,789 | ||
AmWINS Group, Inc.144A | 6.38 | 2-15-2029 | 735,000 | 733,199 | ||
AssuredPartners, Inc.144A | 5.63 | 1-15-2029 | 1,645,000 | 1,530,810 | ||
BroadStreet Partners, Inc.144A | 5.88 | 4-15-2029 | 1,230,000 | 1,126,253 |
See accompanying notes to portfolio of investments
Allspring High Yield Bond Fund | 5
Portfolio of investments—May 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Insurance(continued) | ||||||
HUB International Ltd.144A | 5.63 % | 12-1-2029 | $ | 585,000 | $542,759 | |
HUB International Ltd.144A | 7.25 | 6-15-2030 | 205,000 | 208,286 | ||
HUB International Ltd.144A | 7.38 | 1-31-2032 | 1,370,000 | 1,374,863 | ||
6,894,959 | ||||||
Investment Companies: 0.10% | ||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. | 5.25 | 5-15-2027 | 295,000 | 270,650 | ||
REITS: 3.29% | ||||||
Brandywine Operating Partnership LP | 8.88 | 4-12-2029 | 890,000 | 921,114 | ||
Iron Mountain, Inc.144A | 4.50 | 2-15-2031 | 3,385,000 | 3,012,586 | ||
Service Properties Trust%% | 8.38 | 6-15-2029 | 1,895,000 | 1,857,704 | ||
Service Properties Trust144A | 8.63 | 11-15-2031 | 2,055,000 | 2,151,489 | ||
Starwood Property Trust, Inc.144A | 4.38 | 1-15-2027 | 1,495,000 | 1,400,868 | ||
9,343,761 | ||||||
Industrial: 7.87% | ||||||
Aerospace/defense: 0.38% | ||||||
TransDigm, Inc.144A | 6.63 | 3-1-2032 | 1,075,000 | 1,078,186 | ||
Building materials: 1.48% | ||||||
Camelot Return Merger Sub, Inc.144A | 8.75 | 8-1-2028 | 2,640,000 | 2,612,192 | ||
Emerald Debt Merger Sub LLC144A | 6.63 | 12-15-2030 | 1,580,000 | 1,582,753 | ||
4,194,945 | ||||||
Electronics: 0.07% | ||||||
Sensata Technologies, Inc.144A%% | 6.63 | 7-15-2032 | 200,000 | 200,657 | ||
Hand/machine tools: 1.59% | ||||||
Werner FinCo LP/Werner FinCo, Inc.144A | 11.50 | 6-15-2028 | 1,685,000 | 1,841,529 | ||
Werner FinCo LP/Werner FinCo, Inc. (PIK at 5.75%)144A¥ | 14.50 | 10-15-2028 | 2,699,958 | 2,685,704 | ||
4,527,233 | ||||||
Machinery-diversified: 1.22% | ||||||
Chart Industries, Inc.144A | 7.50 | 1-1-2030 | 650,000 | 669,441 | ||
Chart Industries, Inc.144A | 9.50 | 1-1-2031 | 525,000 | 566,902 | ||
TK Elevator U.S. Newco, Inc.144A | 5.25 | 7-15-2027 | 2,300,000 | 2,218,890 | ||
3,455,233 | ||||||
Packaging & containers: 1.63% | ||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC144A | 6.00 | 6-15-2027 | 1,050,000 | 1,026,651 | ||
Clydesdale Acquisition Holdings, Inc.144A | 8.75 | 4-15-2030 | 1,295,000 | 1,248,887 | ||
Mauser Packaging Solutions Holding Co.144A | 7.88 | 4-15-2027 | 490,000 | 499,241 | ||
Owens-Brockway Glass Container, Inc.144A | 7.25 | 5-15-2031 | 1,100,000 | 1,096,274 | ||
Owens-Brockway Glass Container, Inc.144A | 7.38 | 6-1-2032 | 370,000 | 369,879 | ||
Sealed Air Corp./Sealed Air Corp. U.S.144A | 7.25 | 2-15-2031 | 365,000 | 374,838 | ||
4,615,770 |
See accompanying notes to portfolio of investments
6 | Allspring High Yield Bond Fund
Portfolio of investments—May 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Transportation: 0.19% | ||||||
Genesee & Wyoming, Inc.144A | 6.25 % | 4-15-2032 | $ | 540,000 | $533,743 | |
Trucking & leasing: 1.31% | ||||||
AerCap Global Aviation Trust (U.S. SOFR 3 Month+4.56%)144A± | 6.50 | 6-15-2045 | 650,000 | 648,759 | ||
Fortress Transportation & Infrastructure Investors LLC144A | 5.50 | 5-1-2028 | 1,805,000 | 1,744,540 | ||
Fortress Transportation & Infrastructure Investors LLC144A | 7.00 | 5-1-2031 | 1,305,000 | 1,320,330 | ||
3,713,629 | ||||||
Technology: 3.58% | ||||||
Computers: 0.93% | ||||||
Insight Enterprises, Inc.144A | 6.63 | 5-15-2032 | 350,000 | 352,315 | ||
McAfee Corp.144A | 7.38 | 2-15-2030 | 670,000 | 620,198 | ||
Seagate HDD Cayman144A | 8.25 | 12-15-2029 | 210,000 | 224,640 | ||
Seagate HDD Cayman144A | 8.50 | 7-15-2031 | 1,340,000 | 1,429,572 | ||
2,626,725 | ||||||
Office/business equipment: 0.17% | ||||||
Zebra Technologies Corp.144A | 6.50 | 6-1-2032 | 475,000 | 478,063 | ||
Software: 2.48% | ||||||
AthenaHealth Group, Inc.144A | 6.50 | 2-15-2030 | 1,745,000 | 1,583,305 | ||
Cloud Software Group, Inc.144A | 6.50 | 3-31-2029 | 1,025,000 | 972,119 | ||
Cloud Software Group, Inc.144A | 8.25 | 6-30-2032 | 855,000 | 863,522 | ||
Cloud Software Group, Inc.144A | 9.00 | 9-30-2029 | 1,935,000 | 1,872,396 | ||
Rocket Software, Inc.144A | 9.00 | 11-28-2028 | 1,005,000 | 1,020,811 | ||
SS&C Technologies, Inc.144A | 6.50 | 6-1-2032 | 725,000 | 727,004 | ||
7,039,157 | ||||||
Utilities: 5.11% | ||||||
Electric: 5.11% | ||||||
Edison International (5 Year Treasury Constant Maturity+3.86%)± | 8.13 | 6-15-2053 | 1,100,000 | 1,137,818 | ||
NextEra Energy Operating Partners LP144A | 4.50 | 9-15-2027 | 795,000 | 748,072 | ||
NextEra Energy Operating Partners LP144A | 7.25 | 1-15-2029 | 1,260,000 | 1,289,858 | ||
NSG Holdings LLC/NSG Holdings, Inc.144A | 7.75 | 12-15-2025 | 321,862 | 320,252 | ||
Pattern Energy Operations LP/Pattern Energy Operations, Inc.144A | 4.50 | 8-15-2028 | 3,250,000 | 2,979,164 | ||
PG&E Corp. | 5.25 | 7-1-2030 | 3,160,000 | 3,010,109 | ||
Sempra (5 Year Treasury Constant Maturity+2.87%)± | 4.13 | 4-1-2052 | 1,475,000 | 1,355,131 | ||
Vistra Corp. (5 Year Treasury Constant Maturity+5.74%)144Aʊ± | 7.00 | 12-15-2026 | 1,895,000 | 1,880,912 | ||
Vistra Corp. Series C (5 Year Treasury Constant Maturity+5.05%)144Aʊ± | 8.88 | 1-15-2029 | 695,000 | 719,638 | ||
Vistra Operations Co. LLC144A | 7.75 | 10-15-2031 | 1,005,000 | 1,044,267 | ||
14,485,221 | ||||||
Total corporate bonds and notes (Cost $231,556,074) | 226,299,235 |
See accompanying notes to portfolio of investments
Allspring High Yield Bond Fund | 7
Portfolio of investments—May 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Loans: 5.38% | ||||||
Communications: 0.25% | ||||||
Media: 0.25% | ||||||
DirecTV Financing LLC (U.S. SOFR 1 Month+5.00%)± | 10.44 % | 8-2-2027 | $ | 329,918 | $330,769 | |
Hubbard Radio LLC (U.S. SOFR 1 Month+4.50%)± | 9.82 | 3-28-2025 | 467,230 | 372,148 | ||
702,917 | ||||||
Consumer, cyclical: 1.52% | ||||||
Airlines: 0.51% | ||||||
Mileage Plus Holdings LLC (U.S. SOFR 3 Month+5.25%)± | 10.73 | 6-21-2027 | 910,000 | 930,266 | ||
SkyMiles IP Ltd. (U.S. SOFR 3 Month+3.75%)± | 9.07 | 10-20-2027 | 490,956 | 505,124 | ||
1,435,390 | ||||||
Auto parts & equipment: 0.32% | ||||||
First Brands Group LLC (U.S. SOFR 3 Month+5.00%)± | 10.59 | 3-30-2027 | 913,920 | 903,310 | ||
Housewares: 0.19% | ||||||
American Greetings Corp. (U.S. SOFR 1 Month+5.75%)± | 11.08 | 10-30-2029 | 540,000 | 542,927 | ||
Leisure time: 0.15% | ||||||
Carnival Corp. (U.S. SOFR 1 Month+2.75%)± | 8.07 | 8-8-2027 | 423,488 | 425,817 | ||
Retail: 0.35% | ||||||
Petco Health & Wellness Co., Inc. (U.S. SOFR 3 Month+3.25%)± | 8.82 | 3-3-2028 | 1,110,000 | 1,001,975 | ||
Consumer, non-cyclical: 0.42% | ||||||
Commercial services: 0.27% | ||||||
GEO Group, Inc. (U.S. SOFR 3 Month+5.25%)± | 10.57 | 4-13-2029 | 590,000 | 600,880 | ||
MPH Acquisition Holdings LLC (U.S. SOFR 3 Month+4.25%)± | 9.86 | 9-1-2028 | 186,811 | 155,899 | ||
756,779 | ||||||
Healthcare-services: 0.15% | ||||||
LifePoint Health, Inc. (U.S. SOFR 3 Month+4.00%)± | 9.33 | 5-17-2031 | 215,000 | 215,537 | ||
LifePoint Health, Inc. (U.S. SOFR 3 Month+4.75%)± | 10.06 | 11-16-2028 | 220,000 | 221,450 | ||
436,987 | ||||||
Energy: 1.37% | ||||||
Energy-alternate sources: 0.17% | ||||||
Enviva Partners LP/Enviva Partners Finance Corp. (U.S. SOFR 3 Month+8.00%)± | 13.30 | 12-13-2024 | 418,478 | 477,065 | ||
Pipelines: 1.20% | ||||||
GIP III Stetson I LP (U.S. SOFR 1 Month+4.25%)± | 9.68 | 10-31-2028 | 2,945,669 | 2,957,452 | ||
Prairie ECI Acquiror LP (U.S. SOFR 1 Month+4.75%)± | 10.08 | 8-1-2029 | 450,000 | 451,062 | ||
3,408,514 | ||||||
Financial: 1.46% | ||||||
Diversified financial services: 0.24% | ||||||
Resolute Investment Managers, Inc. (U.S. SOFR 3 Month+6.50%)‡± | 12.07 | 4-30-2027 | 688,091 | 675,190 |
See accompanying notes to portfolio of investments
8 | Allspring High Yield Bond Fund
Portfolio of investments—May 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Insurance: 1.22% | ||||||
Asurion LLC (U.S. SOFR 1 Month+3.25%)± | 8.69 % | 12-23-2026 | $ | 2,590,328 | $2,570,901 | |
Asurion LLC (U.S. SOFR 1 Month+5.25%)± | 10.69 | 1-31-2028 | 349,173 | 327,678 | ||
Truist Insurance Holdings LLC (U.S. SOFR 3 Month+4.75%)± | 10.09 | 3-8-2032 | 570,000 | 581,639 | ||
3,480,218 | ||||||
Industrial: 0.25% | ||||||
Building materials: 0.25% | ||||||
CP Atlas Buyer, Inc. (U.S. SOFR 1 Month+3.75%)± | 9.18 | 11-23-2027 | 715,000 | 708,894 | ||
Technology: 0.11% | ||||||
Software: 0.11% | ||||||
Rocket Software, Inc. (U.S. SOFR 1 Month+4.75%)± | 10.08 | 11-28-2028 | 305,000 | 306,034 | ||
Total loans (Cost $15,118,974) | 15,262,017 | |||||
Yankee corporate bonds and notes: 12.79% | ||||||
Basic materials: 0.29% | ||||||
Chemicals: 0.29% | ||||||
Braskem Netherlands Finance BV144A | 4.50 | 1-31-2030 | 990,000 | 828,246 | ||
Communications: 0.35% | ||||||
Telecommunications: 0.35% | ||||||
Altice France SA144A | 8.13 | 2-1-2027 | 1,295,000 | 998,209 | ||
Consumer, cyclical: 4.78% | ||||||
Airlines: 1.25% | ||||||
Air Canada Pass-Through Trust Series 2020-1 Class C144A | 10.50 | 7-15-2026 | 2,475,000 | 2,666,813 | ||
VistaJet Malta Finance PLC/Vista Management Holding, Inc.144A | 9.50 | 6-1-2028 | 955,000 | 868,563 | ||
3,535,376 | ||||||
Auto manufacturers: 0.30% | ||||||
Aston Martin Capital Holdings Ltd.144A | 10.00 | 3-31-2029 | 890,000 | 861,106 | ||
Entertainment: 0.42% | ||||||
Banijay Entertainment SASU144A | 8.13 | 5-1-2029 | 1,175,000 | 1,201,189 | ||
Leisure time: 2.81% | ||||||
Carnival Corp.144A | 6.00 | 5-1-2029 | 1,925,000 | 1,881,400 | ||
Carnival Corp.144A | 7.00 | 8-15-2029 | 405,000 | 415,968 | ||
Carnival Corp.144A | 7.63 | 3-1-2026 | 560,000 | 563,036 | ||
Royal Caribbean Cruises Ltd.144A | 5.50 | 4-1-2028 | 1,950,000 | 1,904,982 | ||
Royal Caribbean Cruises Ltd.144A | 6.25 | 3-15-2032 | 2,250,000 | 2,239,744 | ||
Royal Caribbean Cruises Ltd.144A | 9.25 | 1-15-2029 | 905,000 | 963,990 | ||
7,969,120 | ||||||
Consumer, non-cyclical: 0.39% | ||||||
Pharmaceuticals: 0.39% | ||||||
Teva Pharmaceutical Finance Netherlands III BV | 8.13 | 9-15-2031 | 1,000,000 | 1,097,768 |
See accompanying notes to portfolio of investments
Allspring High Yield Bond Fund | 9
Portfolio of investments—May 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Energy: 1.67% | ||||||
Oil & gas: 0.50% | ||||||
Borr IHC Ltd./Borr Finance LLC144A | 10.00 % | 11-15-2028 | $ | 1,341,411 | $1,403,202 | |
Pipelines: 1.17% | ||||||
Enbridge, Inc. (5 Year Treasury Constant Maturity+4.42%)± | 7.63 | 1-15-2083 | 1,300,000 | 1,316,309 | ||
Northriver Midstream Finance LP144A | 5.63 | 2-15-2026 | 2,035,000 | 2,007,469 | ||
3,323,778 | ||||||
Financial: 3.07% | ||||||
Banks: 1.81% | ||||||
Banco del Estado de Chile (5 Year Treasury Constant Maturity+3.23%)144Aʊ± | 7.95 | 5-2-2029 | 735,000 | 758,373 | ||
BNP Paribas SA (5 Year Treasury Constant Maturity+3.73%)144Aʊ± | 8.00 | 8-22-2031 | 970,000 | 984,271 | ||
HSBC Holdings PLC (USD ICE Swap Rate 11:00am NY 5 Year+3.75%)ʊ± | 6.00 | 5-22-2027 | 760,000 | 726,389 | ||
Intesa Sanpaolo SpA (5 Year USD Swap Rate+5.46%)144Aʊ± | 7.70 | 9-17-2025 | 1,130,000 | 1,128,131 | ||
UBS Group AG (5 Year Treasury Constant Maturity+3.40%)144Aʊ± | 4.88 | 2-12-2027 | 1,255,000 | 1,147,692 | ||
UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 5 Year+4.16%)144Aʊ± | 7.75 | 4-12-2031 | 400,000 | 404,592 | ||
5,149,448 | ||||||
Diversified financial services: 1.26% | ||||||
AerCap Holdings NV (5 Year Treasury Constant Maturity+4.54%)± | 5.88 | 10-10-2079 | 720,000 | 715,160 | ||
Castlelake Aviation Finance DAC144A | 5.00 | 4-15-2027 | 1,220,000 | 1,172,204 | ||
Macquarie Airfinance Holdings Ltd.144A | 6.50 | 3-26-2031 | 345,000 | 350,301 | ||
Macquarie Airfinance Holdings Ltd.144A | 8.38 | 5-1-2028 | 1,265,000 | 1,330,212 | ||
3,567,877 | ||||||
Industrial: 1.50% | ||||||
Aerospace/defense: 0.37% | ||||||
Bombardier, Inc.144A | 8.75 | 11-15-2030 | 975,000 | 1,046,167 | ||
Electronics: 0.62% | ||||||
Sensata Technologies BV144A | 4.00 | 4-15-2029 | 785,000 | 713,106 | ||
Sensata Technologies BV144A | 5.88 | 9-1-2030 | 1,060,000 | 1,030,322 | ||
1,743,428 | ||||||
Machinery-diversified: 0.26% | ||||||
TK Elevator Holdco GmbH144A | 7.63 | 7-15-2028 | 750,000 | 741,622 | ||
Packaging & containers: 0.25% | ||||||
Trivium Packaging Finance BV144A | 8.50 | 8-15-2027 | 715,000 | 713,404 |
See accompanying notes to portfolio of investments
10 | Allspring High Yield Bond Fund
Portfolio of investments—May 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Utilities: 0.74% | ||||||
Electric: 0.74% | ||||||
Algonquin Power & Utilities Corp. (5 Year Treasury Constant Maturity+3.25%)± | 4.75 % | 1-18-2082 | $ | 685,000 | $616,782 | |
Emera, Inc. Series 16-A (3 Month LIBOR+5.44%)± | 6.75 | 6-15-2076 | 1,495,000 | 1,478,625 | ||
2,095,407 | ||||||
Total yankee corporate bonds and notes (Cost $35,942,862) | 36,275,347 |
Yield | Shares | |||||
Short-term investments: 2.37% | ||||||
Investment companies: 2.37% | ||||||
Allspring Government Money Market Fund Select Class♠∞## | 5.24 | 6,724,739 | 6,724,739 | |||
Total short-term investments (Cost $6,724,739) | 6,724,739 | |||||
Total investments in securities (Cost $289,470,509) | 100.34 % | 284,603,958 | ||||
Other assets and liabilities, net | (0.34 ) | (952,001 ) | ||||
Total net assets | 100.00 % | $283,651,957 |
‡ | Security is valued using significant unobservable inputs. |
† | Non-income-earning security |
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. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
%% | The security is purchased on a when-issued basis. |
ʊ | Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
¥ | A payment-in-kind (PIK) security is a security in which the issuer may make interest or dividend payments in cash or additional securities or a combination of both. The rate shown is the rate in effect at period end. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
## | All or a portion of this security is segregated for when-issued securities and unfunded loans. |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
REIT | Real estate investment trust |
SOFR | Secured Overnight Financing Rate |
Investments in affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | $2,217,123 | $87,524,785 | $(83,017,169 ) | $0 | $0 | $6,724,739 | 6,724,739 | $288,630 |
See accompanying notes to portfolio of investments
Allspring High Yield Bond Fund | 11
Notes to portfolio of investments—May 31, 2024 (unaudited)
Notes to portfolio of investments
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.
Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g., taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.
Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC (“Allspring Funds Management”), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management’s process for determining the fair value of the portfolio of investments.
When-issued transactions
The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.
Loans
The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Fund purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund assumes the credit risk of both the borrower and the lender that is selling the participation. When the Fund purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments represent the remaining obligation of the Fund to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market.
Fair valuation measurements
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
•Level 1 – quoted prices in active markets for identical securities
•Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
12 | Allspring High Yield Bond Fund
Notes to portfolio of investments—May 31, 2024 (unaudited)
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2024:
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Investment Companies | $0 | $0 | $42,620 | $42,620 |
Corporate bonds and notes | 0 | 226,299,235 | 0 | 226,299,235 |
Loans | 0 | 14,586,827 | 675,190 | 15,262,017 |
Yankee corporate bonds and notes | 0 | 36,275,347 | 0 | 36,275,347 |
Short-term investments | ||||
Investment companies | 6,724,739 | 0 | 0 | 6,724,739 |
Total assets | $6,724,739 | $277,161,409 | $717,810 | $284,603,958 |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
At May 31, 2024, the Fund had no material transfers into/out of Level 3.
Allspring High Yield Bond Fund | 13