Portfolio of investments—July 31, 2022 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Agency securities: 0.46% | ||||||
FHLMC (5 Year Treasury Constant Maturity +2.09%) ± | 2.63% | 9-1-2032 | $ | 277,110 | $ 271,678 | |
FHLMC | 8.50 | 7-1-2028 | 10,040 | 10,622 | ||
FHLMC Series 1383 (1 Year Treasury Constant Maturity +2.25%) ± | 2.36 | 2-1-2037 | 46,611 | 48,032 | ||
FHLMC Series 2013-K30 Class B 144A##±± | 3.56 | 6-25-2045 | 700,000 | 696,787 | ||
FHLMC Series 2390 Class FD (1 Month LIBOR +0.45%) ± | 2.45 | 12-15-2031 | 7,518 | 7,522 | ||
FHLMC Series 2567 Class FH (1 Month LIBOR +0.40%) ± | 2.40 | 2-15-2033 | 25,952 | 25,901 | ||
FHLMC Series 3987 Class CI ♀ | 3.50 | 6-15-2026 | 329,951 | 1,845 | ||
FNMA (6 Month LIBOR +1.64%) ± | 2.89 | 9-1-2037 | 6,199 | 6,147 | ||
FNMA | 6.00 | 4-1-2033 | 45,578 | 46,080 | ||
FNMA | 7.50 | 2-1-2030 | 1,752 | 1,753 | ||
FNMA Series 1997-20 Class IO ♀±± | 1.84 | 3-25-2027 | 31,258 | 310 | ||
FNMA Series 2001-25 Class Z | 6.00 | 6-25-2031 | 29,495 | 31,110 | ||
FNMA Series 2001-35 Class F (1 Month LIBOR +0.60%) ± | 2.86 | 7-25-2031 | 1,889 | 1,896 | ||
FNMA Series 2001-57 Class F (1 Month LIBOR +0.50%) ± | 2.76 | 6-25-2031 | 1,902 | 1,904 | ||
FNMA Series 2002-77 Class FH (1 Month LIBOR +0.40%) ± | 2.56 | 12-18-2032 | 11,415 | 11,395 | ||
FNMA Series 2002-97 Class FR (1 Month LIBOR +0.55%) ± | 2.81 | 1-25-2033 | 2,918 | 2,924 | ||
GNMA | 6.50 | 6-15-2028 | 10,685 | 11,266 | ||
GNMA Series 2019-H06 Class HI ♀±± | 1.81 | 4-20-2069 | 3,335,897 | 121,019 | ||
Total Agency securities (Cost $1,266,682) | 1,298,191 | |||||
Asset-backed securities: 1.42% | ||||||
Acres plc Series 2021-FL2 Class A (1 Month LIBOR +1.40%) 144A##± | 3.40 | 1-15-2037 | 500,000 | 479,004 | ||
Aqua Finance Trust Series 2021-A Class A 144A | 1.54 | 7-17-2046 | 553,131 | 515,135 | ||
Asset-Backed Funding Certificates Series 2003-AHL1 Class A1 ±± | 4.18 | 3-25-2033 | 78,960 | 76,316 | ||
Bear Stearns Asset Backed Securities Series 2002-2 Class A1 (1 Month LIBOR +0.66%) ± | 2.92 | 10-25-2032 | 62,966 | 61,865 | ||
DT Auto Owner Trust Series 2019-2A Class D 144A## | 3.48 | 2-18-2025 | 930,255 | 927,540 | ||
Five Guys Funding LLC Series 17-1A Class A2 144A | 4.60 | 7-25-2047 | 990,000 | 957,012 | ||
Mesa Trust Asset Backed Certificates Series 2001-5 Class A (1 Month LIBOR +0.80%) 144A± | 3.06 | 12-25-2031 | 2,162 | 2,149 | ||
Montana Higher Education Student Assistance Corporation Series 2012-1 Class A2 (1 Month LIBOR +1.00%) ± | 3.13 | 5-20-2030 | 71,892 | 71,767 | ||
PFS Financing Corporation Series 2021-A Class A 144A | 0.71 | 4-15-2026 | 1,000,000 | 942,228 | ||
Total Asset-backed securities (Cost $4,214,629) | 4,033,016 |
See accompanying notes to portfolio of investments
Allspring Multi-Sector Income Fund | 1
Portfolio of investments—July 31, 2022 (unaudited)
Shares | Value | |||||
Common stocks: 1.11% | ||||||
Communication services: 0.31% | ||||||
Diversified telecommunication services: 0.31% | ||||||
Intelsat SA ‡† | 35,771 | $ 876,390 | ||||
Energy: 0.31% | ||||||
Energy equipment & services: 0.18% | ||||||
Bristow Group Incorporated † | 18,989 | 489,916 | ||||
Oil, gas & consumable fuels: 0.13% | ||||||
Denbury Incorporated † | 5,183 | 372,710 | ||||
Financials: 0.49% | ||||||
Mortgage REITs: 0.49% | ||||||
Blackstone Mortgage Trust Incorporated Class A | 14,944 | 462,816 | ||||
Ladder Capital Corporation | 41,398 | 491,808 | ||||
Starwood Property Trust Incorporated | 18,508 | 437,159 | ||||
1,391,783 | ||||||
Total Common stocks (Cost $5,278,063) | 3,130,799 |
Interest rate | Maturity date | Principal | ||||
Corporate bonds and notes: 70.77% | ||||||
Communication services: 10.05% | ||||||
Diversified telecommunication services: 0.33% | ||||||
Cablevision Lightpath LLC 144A | 3.88% | 9-15-2027 | $ | 160,000 | 142,200 | |
Cablevision Lightpath LLC 144A | 5.63 | 9-15-2028 | 140,000 | 113,072 | ||
Level 3 Financing Incorporated 144A | 3.63 | 1-15-2029 | 425,000 | 355,198 | ||
Level 3 Financing Incorporated 144A | 4.25 | 7-1-2028 | 375,000 | 327,169 | ||
937,639 | ||||||
Entertainment: 0.97% | ||||||
Live Nation Entertainment Incorporated 144A | 3.75 | 1-15-2028 | 870,000 | 795,843 | ||
Live Nation Entertainment Incorporated 144A | 5.63 | 3-15-2026 | 528,000 | 521,400 | ||
Live Nation Entertainment Incorporated 144A | 6.50 | 5-15-2027 | 1,380,000 | 1,416,225 | ||
2,733,468 | ||||||
Interactive media & services: 0.27% | ||||||
Rackspace Technology Company 144A | 5.38 | 12-1-2028 | 1,050,000 | 771,660 | ||
Media: 8.21% | ||||||
CCO Holdings LLC 144A | 4.25 | 1-15-2034 | 530,000 | 437,799 | ||
CCO Holdings LLC 144A | 4.50 | 8-15-2030 | 1,585,000 | 1,408,938 | ||
CCO Holdings LLC | 4.50 | 5-1-2032 | 250,000 | 216,143 | ||
CCO Holdings LLC 144A | 5.00 | 2-1-2028 | 150,000 | 144,750 | ||
CCO Holdings LLC 144A | 5.13 | 5-1-2027 | 600,000 | 587,670 | ||
Charter Communications Operating LLC | 5.05 | 3-30-2029 | 675,000 | 671,945 | ||
Cinemark USA Incorporated 144A | 5.25 | 7-15-2028 | 1,650,000 | 1,469,556 | ||
Cinemark USA Incorporated 144A | 5.88 | 3-15-2026 | 420,000 | 403,200 | ||
Cinemark USA Incorporated 144A | 8.75 | 5-1-2025 | 385,000 | 401,105 | ||
Clear Channel Outdoor Holdings 144A | 5.13 | 8-15-2027 | 435,000 | 402,297 | ||
CSC Holdings LLC 144A | 4.63 | 12-1-2030 | 625,000 | 475,000 | ||
CSC Holdings LLC 144A | 5.75 | 1-15-2030 | 1,750,000 | 1,413,178 |
See accompanying notes to portfolio of investments
2 | Allspring Multi-Sector Income Fund
Portfolio of investments—July 31, 2022 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Media (continued) | ||||||
DIRECTV Financing LLC 144A | 5.88% | 8-15-2027 | $ | 740,000 | $ 689,377 | |
DISH DBS Corporation 144A | 5.75 | 12-1-2028 | 1,280,000 | 1,038,400 | ||
Gray Escrow II Incorporated 144A | 5.38 | 11-15-2031 | 2,150,000 | 1,897,375 | ||
Gray Television Incorporated 144A | 4.75 | 10-15-2030 | 1,850,000 | 1,590,459 | ||
Lamar Media Corporation | 4.88 | 1-15-2029 | 590,000 | 573,775 | ||
Lamar Media Corporation | 4.00 | 2-15-2030 | 500,000 | 460,325 | ||
Match Group Holdings II LLC 144A | 5.63 | 2-15-2029 | 1,081,000 | 1,059,380 | ||
Nexstar Broadcasting Incorporated 144A | 4.75 | 11-1-2028 | 450,000 | 419,625 | ||
Nexstar Broadcasting Incorporated 144A | 5.63 | 7-15-2027 | 750,000 | 752,093 | ||
Outfront Media Capital Corporation 144A | 4.63 | 3-15-2030 | 675,000 | 570,252 | ||
Outfront Media Capital Corporation 144A | 5.00 | 8-15-2027 | 50,000 | 47,234 | ||
QVC Incorporated | 4.38 | 9-1-2028 | 1,283,000 | 1,000,740 | ||
QVC Incorporated | 4.75 | 2-15-2027 | 1,340,000 | 1,127,288 | ||
QVC Incorporated | 5.95 | 3-15-2043 | 450,000 | 304,782 | ||
Salem Media Group Incorporated 144A | 6.75 | 6-1-2024 | 845,000 | 815,425 | ||
Scripps Escrow II Incorporated 144A | 3.88 | 1-15-2029 | 170,000 | 152,512 | ||
Scripps Escrow II Incorporated 144A | 5.38 | 1-15-2031 | 1,185,000 | 992,438 | ||
Scripps Escrow II Incorporated 144A | 5.88 | 7-15-2027 | 100,000 | 95,799 | ||
Townsquare Media Incorporated 144A | 6.88 | 2-1-2026 | 1,765,000 | 1,618,046 | ||
23,236,906 | ||||||
Wireless telecommunication services: 0.27% | ||||||
Sprint Spectrum Company 144A | 5.15 | 9-20-2029 | 750,000 | 758,522 | ||
Consumer discretionary: 8.43% | ||||||
Auto components: 0.82% | ||||||
Allison Transmission Incorporated 144A | 5.88 | 6-1-2029 | 240,000 | 236,209 | ||
Clarios Global LP 144A | 6.25 | 5-15-2026 | 305,000 | 306,876 | ||
Clarios Global LP 144A | 6.75 | 5-15-2025 | 45,000 | 45,208 | ||
Cooper Tire & Rubber Company | 7.63 | 3-15-2027 | 1,710,000 | 1,733,513 | ||
2,321,806 | ||||||
Automobiles: 0.19% | ||||||
Ford Motor Company | 3.25 | 2-12-2032 | 645,000 | 538,575 | ||
Diversified consumer services: 0.42% | ||||||
Service Corporation International | 7.50 | 4-1-2027 | 1,125,000 | 1,198,125 | ||
Hotels, restaurants & leisure: 4.32% | ||||||
Carnival Corporation 144A | 4.00 | 8-1-2028 | 760,000 | 663,100 | ||
Carnival Corporation 144A | 6.00 | 5-1-2029 | 640,000 | 492,698 | ||
Carnival Corporation 144A | 7.63 | 3-1-2026 | 1,165,000 | 1,002,197 | ||
Carnival Corporation 144A | 9.88 | 8-1-2027 | 425,000 | 440,379 | ||
Carnival Corporation 144A | 10.50 | 2-1-2026 | 325,000 | 341,257 | ||
CCM Merger Incorporated 144A | 6.38 | 5-1-2026 | 2,505,000 | 2,359,560 | ||
Cedar Fair LP 144A | 5.50 | 5-1-2025 | 375,000 | 377,578 | ||
Churchill Downs Incorporated 144A | 4.75 | 1-15-2028 | 585,000 | 554,589 | ||
Hilton Domestic Operating Company Incorporated 144A | 5.38 | 5-1-2025 | 505,000 | 505,000 | ||
NCL Corporation Limited 144A | 5.88 | 3-15-2026 | 910,000 | 742,169 | ||
NCL Corporation Limited 144A | 5.88 | 2-15-2027 | 900,000 | 827,100 | ||
NCL Corporation Limited 144A | 7.75 | 2-15-2029 | 560,000 | 448,896 | ||
Royal Caribbean Cruises Limited 144A | 5.38 | 7-15-2027 | 130,000 | 100,750 | ||
Royal Caribbean Cruises Limited 144A | 5.50 | 8-31-2026 | 345,000 | 272,465 | ||
Royal Caribbean Cruises Limited 144A | 5.50 | 4-1-2028 | 680,000 | 509,517 |
See accompanying notes to portfolio of investments
Allspring Multi-Sector Income Fund | 3
Portfolio of investments—July 31, 2022 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Hotels, restaurants & leisure (continued) | ||||||
Royal Caribbean Cruises Limited 144A | 9.13% | 6-15-2023 | $ | 1,400,000 | $ 1,421,154 | |
Royal Caribbean Cruises Limited 144A | 10.88 | 6-1-2023 | 525,000 | 536,805 | ||
Six Flags Entertainment Company 144A | 5.50 | 4-15-2027 | 400,000 | 377,597 | ||
Six Flags Entertainment Company 144A | 7.00 | 7-1-2025 | 264,000 | 271,500 | ||
12,244,311 | ||||||
Multiline retail: 0.86% | ||||||
LSF9 Atlantis Holdings LLC 144A | 7.75 | 2-15-2026 | 570,000 | 515,514 | ||
Macy's Retail Holdings LLC 144A | 5.88 | 4-1-2029 | 1,260,000 | 1,106,639 | ||
Macy's Retail Holdings LLC 144A | 6.13 | 3-15-2032 | 135,000 | 113,512 | ||
Nordstrom Incorporated | 4.00 | 3-15-2027 | 750,000 | 686,757 | ||
2,422,422 | ||||||
Specialty retail: 1.42% | ||||||
GAP Incorporated 144A | 3.88 | 10-1-2031 | 795,000 | 575,898 | ||
Group 1 Automotive Incorporated 144A | 4.00 | 8-15-2028 | 620,000 | 554,534 | ||
Lithia Motors Incorporated 144A | 3.88 | 6-1-2029 | 390,000 | 347,004 | ||
Michaels Companies Incorporated 144A | 7.88 | 5-1-2029 | 720,000 | 493,200 | ||
NMG Holding Company Incorporated 144A | 7.13 | 4-1-2026 | 1,040,000 | 1,017,744 | ||
Rent-A-Center Incorporated 144A | 6.38 | 2-15-2029 | 1,300,000 | 1,031,139 | ||
4,019,519 | ||||||
Textiles, apparel & luxury goods: 0.40% | ||||||
G-III Apparel Group Limited 144A | 7.88 | 8-15-2025 | 1,145,000 | 1,122,100 | ||
Consumer staples: 0.37% | ||||||
Food products: 0.37% | ||||||
CHS Incorporated 144A | 5.25 | 5-15-2030 | 400,000 | 336,000 | ||
CHS Incorporated 144A | 6.00 | 1-15-2029 | 40,000 | 34,900 | ||
CHS Incorporated 144A | 6.88 | 4-15-2029 | 1,230,000 | 682,650 | ||
1,053,550 | ||||||
Energy: 14.78% | ||||||
Energy equipment & services: 3.08% | ||||||
Bristow Group Incorporated 144A | 6.88 | 3-1-2028 | 2,350,000 | 2,086,083 | ||
Hilcorp Energy Company 144A | 5.75 | 2-1-2029 | 270,000 | 246,375 | ||
Hilcorp Energy Company 144A | 6.00 | 4-15-2030 | 145,000 | 131,588 | ||
Hilcorp Energy Company 144A | 6.00 | 2-1-2031 | 300,000 | 274,782 | ||
Hilcorp Energy Company 144A | 6.25 | 11-1-2028 | 350,000 | 338,956 | ||
Hilcorp Energy Company 144A | 6.25 | 4-15-2032 | 145,000 | 130,595 | ||
Oceaneering International Incorporated | 4.65 | 11-15-2024 | 500,000 | 470,000 | ||
Oceaneering International Incorporated | 6.00 | 2-1-2028 | 1,580,000 | 1,371,470 | ||
Pattern Energy Operations LP 144A | 4.50 | 8-15-2028 | 2,890,000 | 2,680,995 | ||
USA Compression Partners LP | 6.88 | 4-1-2026 | 970,000 | 909,162 | ||
USA Compression Partners LP | 6.88 | 9-1-2027 | 65,000 | 59,428 | ||
8,699,434 | ||||||
Oil, gas & consumable fuels: 11.70% | ||||||
Aethon United 144A | 8.25 | 2-15-2026 | 1,225,000 | 1,266,099 | ||
Antero Resources Corporation 144A | 5.38 | 3-1-2030 | 590,000 | 579,675 | ||
Antero Resources Corporation 144A | 8.38 | 7-15-2026 | 635,000 | 690,563 | ||
Apache Corporation | 4.38 | 10-15-2028 | 750,000 | 699,375 |
See accompanying notes to portfolio of investments
4 | Allspring Multi-Sector Income Fund
Portfolio of investments—July 31, 2022 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Oil, gas & consumable fuels (continued) | ||||||
Archrock Partners LP 144A | 6.25% | 4-1-2028 | $ | 590,000 | $ 533,897 | |
Archrock Partners LP 144A | 6.88 | 4-1-2027 | 500,000 | 466,650 | ||
Boardwalk Pipelines LP | 4.80 | 5-3-2029 | 750,000 | 739,672 | ||
Buckeye Partners LP | 5.85 | 11-15-2043 | 1,125,000 | 821,250 | ||
Cheniere Energy Partners LP | 3.25 | 1-31-2032 | 775,000 | 676,188 | ||
Cheniere Energy Partners LP | 4.50 | 10-1-2029 | 400,000 | 387,534 | ||
Comstock Resources Incorporated 144A | 5.88 | 1-15-2030 | 195,000 | 183,206 | ||
CQP Holdco LP 144A | 5.50 | 6-15-2031 | 1,550,000 | 1,468,951 | ||
Crestwood Midstream Partners LP | 5.75 | 4-1-2025 | 25,000 | 24,625 | ||
DT Midstream Incorporated 144A | 4.13 | 6-15-2029 | 300,000 | 277,728 | ||
DT Midstream Incorporated 144A | 4.38 | 6-15-2031 | 720,000 | 646,200 | ||
Encino Acquisition Partners Company 144A | 8.50 | 5-1-2028 | 2,345,000 | 2,291,769 | ||
EnLink Midstream Partners LP | 5.05 | 4-1-2045 | 1,025,000 | 755,681 | ||
EnLink Midstream Partners LP | 5.38 | 6-1-2029 | 1,465,000 | 1,391,135 | ||
EnLink Midstream Partners LP | 5.45 | 6-1-2047 | 540,000 | 411,525 | ||
EnLink Midstream Partners LP | 5.60 | 4-1-2044 | 750,000 | 583,345 | ||
EnLink Midstream Partners LP 144A | 5.63 | 1-15-2028 | 170,000 | 165,012 | ||
Enviva Partners LP 144A | 6.50 | 1-15-2026 | 2,920,000 | 2,895,268 | ||
EQM Midstream Partners 144A | 7.50 | 6-1-2027 | 10,000 | 10,219 | ||
EQM Midstream Partners 144A | 7.50 | 6-1-2030 | 550,000 | 566,019 | ||
Harvest Midstream LP 144A | 7.50 | 9-1-2028 | 760,000 | 726,043 | ||
Hess Midstream Operation Company 144A | 5.50 | 10-15-2030 | 145,000 | 135,056 | ||
Kinetik Holdings LP Company 144A | 5.88 | 6-15-2030 | 535,000 | 543,448 | ||
Murphy Oil Corporation | 5.75 | 8-15-2025 | 185,000 | 185,463 | ||
Murphy Oil Corporation | 5.88 | 12-1-2027 | 150,000 | 148,313 | ||
Murphy Oil Corporation | 6.38 | 7-15-2028 | 1,230,000 | 1,227,749 | ||
Nabors Industries Limited 144A | 7.38 | 5-15-2027 | 840,000 | 831,600 | ||
Nabors Industries Limited 144A | 9.00 | 2-1-2025 | 78,000 | 78,000 | ||
New Fortress Energy Incorporated 144A | 6.50 | 9-30-2026 | 1,815,000 | 1,718,896 | ||
Occidental Petroleum Corporation | 6.45 | 9-15-2036 | 3,190,000 | 3,547,695 | ||
Plains All American Pipeline LP | 3.85 | 10-15-2023 | 750,000 | 747,841 | ||
Rockies Express Pipeline LLC 144A | 6.88 | 4-15-2040 | 1,140,000 | 966,150 | ||
Southwestern Energy Company | 4.75 | 2-1-2032 | 740,000 | 690,050 | ||
Southwestern Energy Company | 7.75 | 10-1-2027 | 265,000 | 276,369 | ||
Southwestern Energy Company | 8.38 | 9-15-2028 | 650,000 | 698,750 | ||
Tallgrass Energy Partners LP 144A | 6.00 | 12-31-2030 | 785,000 | 707,481 | ||
Tallgrass Energy Partners LP 144A | 6.00 | 9-1-2031 | 370,000 | 333,370 | ||
Venture Global LNG Incorporated 144A | 3.88 | 11-1-2033 | 180,000 | 156,265 | ||
Western Midstream Operating LP | 5.30 | 3-1-2048 | 1,000,000 | 876,942 | ||
33,127,067 | ||||||
Financials: 13.93% | ||||||
Banks: 0.48% | ||||||
Citigroup Incorporated (U.S. SOFR +3.23%) ʊ± | 4.70 | 1-30-2025 | 750,000 | 656,250 | ||
JPMorgan Chase & Company (3 Month LIBOR +3.25%) ± | 5.15 | 12-29-2049 | 750,000 | 715,313 | ||
1,371,563 | ||||||
Capital markets: 0.91% | ||||||
Coinbase Global Incorporated 144A | 3.63 | 10-1-2031 | 945,000 | 559,979 | ||
MSCI Incorporated 144A | 3.25 | 8-15-2033 | 275,000 | 238,241 |
See accompanying notes to portfolio of investments
Allspring Multi-Sector Income Fund | 5
Portfolio of investments—July 31, 2022 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Capital markets (continued) | ||||||
MSCI Incorporated 144A | 4.00% | 11-15-2029 | $ | 600,000 | $ 565,332 | |
Oppenheimer Holdings Incorporated | 5.50 | 10-1-2025 | 1,200,000 | 1,200,003 | ||
2,563,555 | ||||||
Consumer finance: 5.48% | ||||||
FirstCash Incorporated 144A | 4.63 | 9-1-2028 | 445,000 | 398,077 | ||
FirstCash Incorporated 144A | 5.63 | 1-1-2030 | 545,000 | 511,701 | ||
Ford Motor Credit Company LLC | 4.00 | 11-13-2030 | 590,000 | 521,512 | ||
Ford Motor Credit Company LLC | 4.39 | 1-8-2026 | 2,350,000 | 2,287,291 | ||
Ford Motor Credit Company LLC | 5.11 | 5-3-2029 | 2,175,000 | 2,114,513 | ||
Ford Motor Credit Company LLC | 5.13 | 6-16-2025 | 225,000 | 224,305 | ||
LFS TopCo LLC 144A | 5.88 | 10-15-2026 | 755,000 | 617,538 | ||
Navient Corporation | 5.00 | 3-15-2027 | 1,215,000 | 1,098,251 | ||
Navient Corporation | 5.50 | 3-15-2029 | 915,000 | 784,466 | ||
Navient Corporation | 5.63 | 8-1-2033 | 825,000 | 640,112 | ||
OneMain Finance Corporation | 5.38 | 11-15-2029 | 475,000 | 403,909 | ||
OneMain Finance Corporation | 6.13 | 3-15-2024 | 750,000 | 739,688 | ||
OneMain Finance Corporation | 7.13 | 3-15-2026 | 400,000 | 387,190 | ||
PECF USS Intermediate Holding III Corporation 144A | 8.00 | 11-15-2029 | 835,000 | 670,088 | ||
PRA Group Incorporated 144A | 5.00 | 10-1-2029 | 1,530,000 | 1,317,713 | ||
PROG Holdings Incorporated 144A | 6.00 | 11-15-2029 | 530,000 | 434,821 | ||
Rocket Mortgage LLC 144A | 2.88 | 10-15-2026 | 965,000 | 852,230 | ||
Rocket Mortgage LLC 144A | 4.00 | 10-15-2033 | 985,000 | 795,895 | ||
Synchrony Financial | 5.15 | 3-19-2029 | 750,000 | 721,542 | ||
15,520,842 | ||||||
Diversified financial services: 1.20% | ||||||
Hat Holdings LLC 144A | 3.38 | 6-15-2026 | 630,000 | 554,995 | ||
Hat Holdings LLC 144A | 6.00 | 4-15-2025 | 575,000 | 561,306 | ||
LPL Holdings Incorporated 144A | 4.38 | 5-15-2031 | 1,220,000 | 1,108,209 | ||
LPL Holdings Incorporated 144A | 4.63 | 11-15-2027 | 100,000 | 96,919 | ||
United Wholesale Mortgage LLC 144A | 5.50 | 11-15-2025 | 1,170,000 | 1,065,098 | ||
3,386,527 | ||||||
Insurance: 3.06% | ||||||
Amwins Group Incorporated 144A | 4.88 | 6-30-2029 | 1,240,000 | 1,127,780 | ||
Assurant Incorporated | 3.70 | 2-22-2030 | 750,000 | 686,927 | ||
AssuredPartners Incorporated 144A | 5.63 | 1-15-2029 | 665,000 | 591,850 | ||
Brighthouse Financial Incorporated | 4.70 | 6-22-2047 | 850,000 | 691,828 | ||
Broadstreet Partners Incorporated 144A | 5.88 | 4-15-2029 | 1,690,000 | 1,445,743 | ||
HUB International Limited 144A | 5.63 | 12-1-2029 | 420,000 | 372,113 | ||
HUB International Limited 144A | 7.00 | 5-1-2026 | 330,000 | 325,865 | ||
Liberty Mutual Group Incorporated 144A | 4.57 | 2-1-2029 | 750,000 | 749,434 | ||
MetLife Incorporated | 6.40 | 12-15-2066 | 1,000,000 | 1,040,900 | ||
Prudential Financial Incorporated (3 Month LIBOR +2.38%) ± | 4.50 | 9-15-2047 | 750,000 | 711,038 | ||
Ryan Specialty Group LLC 144A | 4.38 | 2-1-2030 | 200,000 | 180,500 | ||
Sammons Financial Group Incorporated 144A | 4.45 | 5-12-2027 | 750,000 | 732,299 | ||
8,656,277 | ||||||
Mortgage REITs: 0.88% | ||||||
Blackstone Mortgage Trust Incorporated 144A | 3.75 | 1-15-2027 | 590,000 | 525,100 |
See accompanying notes to portfolio of investments
6 | Allspring Multi-Sector Income Fund
Portfolio of investments—July 31, 2022 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Mortgage REITs (continued) | ||||||
Starwood Property Trust Incorporated 144A | 4.38% | 1-15-2027 | $ | 900,000 | $ 824,942 | |
Starwood Property Trust Incorporated | 4.75 | 3-15-2025 | 465,000 | 461,857 | ||
Starwood Property Trust Incorporated 144A | 5.50 | 11-1-2023 | 690,000 | 684,825 | ||
2,496,724 | ||||||
Thrifts & mortgage finance: 1.92% | ||||||
Enact Holdings Incorporated 144A | 6.50 | 8-15-2025 | 2,210,000 | 2,226,133 | ||
Ladder Capital Finance Holdings LP 144A | 4.25 | 2-1-2027 | 350,000 | 312,015 | ||
Ladder Capital Finance Holdings LP 144A | 4.75 | 6-15-2029 | 1,070,000 | 913,288 | ||
Ladder Capital Finance Holdings LP 144A | 5.25 | 10-1-2025 | 1,120,000 | 1,058,635 | ||
United Wholesale Mortgage LLC 144A | 5.50 | 4-15-2029 | 1,085,000 | 931,039 | ||
5,441,110 | ||||||
Health care: 2.63% | ||||||
Health care equipment & supplies: 0.12% | ||||||
Avantor Funding Incorporated 144A | 3.88 | 11-1-2029 | 365,000 | 335,990 | ||
Health care providers & services: 2.21% | ||||||
180 Medical Incorporated 144A | 3.88 | 10-15-2029 | 475,000 | 431,829 | ||
Air Methods Corporation 144A | 8.00 | 5-15-2025 | 480,000 | 319,326 | ||
CommonSpirit Health | 3.82 | 10-1-2049 | 750,000 | 629,262 | ||
CVS Pass-Through Trust | 6.04 | 12-10-2028 | 323,268 | 334,698 | ||
Davita Incorporated 144A | 4.63 | 6-1-2030 | 1,715,000 | 1,406,300 | ||
Encompass Health Corporation | 5.75 | 9-15-2025 | 575,000 | 576,343 | ||
Mednax Incorporated 144A | 5.38 | 2-15-2030 | 530,000 | 488,925 | ||
Select Medical Corporation 144A | 6.25 | 8-15-2026 | 1,320,000 | 1,321,716 | ||
Tenet Healthcare Corporation 144A | 4.88 | 1-1-2026 | 775,000 | 763,298 | ||
6,271,697 | ||||||
Health care technology: 0.12% | ||||||
IQVIA Incorporated 144A | 5.00 | 10-15-2026 | 330,000 | 328,660 | ||
Life sciences tools & services: 0.18% | ||||||
Charles River Laboratories Incorporated 144A | 4.00 | 3-15-2031 | 350,000 | 320,221 | ||
Charles River Laboratories Incorporated 144A | 4.25 | 5-1-2028 | 200,000 | 195,500 | ||
515,721 | ||||||
Industrials: 7.73% | ||||||
Aerospace & defense: 1.11% | ||||||
Spirit AeroSystems Holdings Incorporated 144A | 5.50 | 1-15-2025 | 305,000 | 303,820 | ||
Spirit AeroSystems Holdings Incorporated 144A | 7.50 | 4-15-2025 | 370,000 | 368,553 | ||
TransDigm Group Incorporated 144A | 6.25 | 3-15-2026 | 775,000 | 778,728 | ||
TransDigm Group Incorporated | 6.38 | 6-15-2026 | 450,000 | 447,750 | ||
TransDigm Group Incorporated | 7.50 | 3-15-2027 | 1,240,000 | 1,260,231 | ||
3,159,082 | ||||||
Airlines: 1.82% | ||||||
American Airlines Group Incorporated 144A | 5.75 | 4-20-2029 | 550,000 | 526,625 | ||
Hawaiian Airlines Incorporated | 3.90 | 7-15-2027 | 769,189 | 665,321 | ||
Hawaiian Brand Intellectual Property Limited 144A | 5.75 | 1-20-2026 | 2,370,000 | 2,303,853 |
See accompanying notes to portfolio of investments
Allspring Multi-Sector Income Fund | 7
Portfolio of investments—July 31, 2022 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Airlines (continued) | ||||||
Mileage Plus Holdings LLC 144A | 6.50% | 6-20-2027 | $ | 1,000,000 | $ 1,009,990 | |
Spirit Loyalty Cayman Limited 144A | 8.00 | 9-20-2025 | 610,000 | 637,444 | ||
5,143,233 | ||||||
Commercial services & supplies: 1.55% | ||||||
Allied Universal Holdco LLC 144A | 6.00 | 6-1-2029 | 1,345,000 | 1,033,969 | ||
Allied Universal Holdco LLC 144A | 6.63 | 7-15-2026 | 600,000 | 581,382 | ||
Aramark Services Incorporated 144A | 6.38 | 5-1-2025 | 780,000 | 781,435 | ||
CoreCivic Incorporated | 8.25 | 4-15-2026 | 2,000,000 | 1,986,919 | ||
4,383,705 | ||||||
Construction & engineering: 0.40% | ||||||
Great Lakes Dredge & Dock Company 144A | 5.25 | 6-1-2029 | 1,265,000 | 1,128,886 | ||
Machinery: 1.10% | ||||||
Stevens Holding Company Incorporated 144A | 6.13 | 10-1-2026 | 805,000 | 791,106 | ||
TK Elevator US Newco Incorporated 144A | 5.25 | 7-15-2027 | 1,080,000 | 1,036,800 | ||
Werner FinCo LP 144A | 8.75 | 7-15-2025 | 1,445,000 | 1,286,050 | ||
3,113,956 | ||||||
Road & rail: 1.04% | ||||||
Uber Technologies Incorporated 144A | 4.50 | 8-15-2029 | 1,475,000 | 1,318,326 | ||
Uber Technologies Incorporated 144A | 8.00 | 11-1-2026 | 1,600,000 | 1,628,966 | ||
2,947,292 | ||||||
Trading companies & distributors: 0.71% | ||||||
Fortress Transportation & Infrastructure Investors LLC 144A | 5.50 | 5-1-2028 | 1,040,000 | 935,022 | ||
Fortress Transportation & Infrastructure Investors LLC 144A | 6.50 | 10-1-2025 | 872,000 | 867,640 | ||
Fortress Transportation & Infrastructure Investors LLC 144A | 9.75 | 8-1-2027 | 200,000 | 201,922 | ||
2,004,584 | ||||||
Information technology: 4.63% | ||||||
Communications equipment: 0.28% | ||||||
Ciena Corporation 144A | 4.00 | 1-31-2030 | 410,000 | 375,150 | ||
CommScope Technologies LLC 144A | 5.00 | 3-15-2027 | 510,000 | 419,314 | ||
794,464 | ||||||
Electronic equipment, instruments & components: 0.62% | ||||||
Keysight Technologies | 4.60 | 4-6-2027 | 600,000 | 612,905 | ||
Wesco Distribution Incorporated 144A | 7.13 | 6-15-2025 | 1,100,000 | 1,136,960 | ||
1,749,865 | ||||||
IT services: 0.99% | ||||||
Sabre GLBL Incorporated 144A | 7.38 | 9-1-2025 | 280,000 | 277,647 | ||
Sabre GLBL Incorporated 144A | 9.25 | 4-15-2025 | 2,499,000 | 2,542,483 | ||
2,820,130 |
See accompanying notes to portfolio of investments
8 | Allspring Multi-Sector Income Fund
Portfolio of investments—July 31, 2022 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Semiconductors & semiconductor equipment: 0.37% | ||||||
Broadcom Corporation | 3.50% | 1-15-2028 | $ | 750,000 | $ 717,567 | |
QORVO Incorporated 144A | 3.38 | 4-1-2031 | 400,000 | 328,764 | ||
1,046,331 | ||||||
Software: 1.82% | ||||||
MPH Acquisition Holdings LLC 144A | 5.50 | 9-1-2028 | 640,000 | 595,200 | ||
MPH Acquisition Holdings LLC 144A | 5.75 | 11-1-2028 | 1,340,000 | 1,139,737 | ||
NCR Corporation 144A | 5.13 | 4-15-2029 | 195,000 | 187,215 | ||
NCR Corporation 144A | 6.13 | 9-1-2029 | 1,000,000 | 973,567 | ||
NortonLifeLock Incorporated 144A | 5.00 | 4-15-2025 | 1,035,000 | 1,030,886 | ||
SS&C Technologies Incorporated 144A | 5.50 | 9-30-2027 | 500,000 | 492,510 | ||
VMware Incorporated | 3.90 | 8-21-2027 | 750,000 | 736,711 | ||
5,155,826 | ||||||
Technology hardware, storage & peripherals: 0.55% | ||||||
Dell International LLC | 6.02 | 6-15-2026 | 750,000 | 797,026 | ||
HP Incorporated | 4.05 | 9-15-2022 | 750,000 | 751,094 | ||
1,548,120 | ||||||
Materials: 2.86% | ||||||
Chemicals: 0.52% | ||||||
Avient Corporation 144A%% | 7.13 | 8-1-2030 | 265,000 | 273,061 | ||
Chemours Company 144A | 4.63 | 11-15-2029 | 950,000 | 833,625 | ||
Olympus Water US Holding Corporation 144A | 4.25 | 10-1-2028 | 450,000 | 380,719 | ||
1,487,405 | ||||||
Containers & packaging: 1.87% | ||||||
Ball Corporation | 2.88 | 8-15-2030 | 1,565,000 | 1,347,760 | ||
Berry Global Incorporated 144A | 5.63 | 7-15-2027 | 1,310,000 | 1,322,019 | ||
Clydesdale Acquisition Holdings Incorporated 144A | 8.75 | 4-15-2030 | 640,000 | 610,413 | ||
Crown Cork & Seal Company Incorporated | 7.38 | 12-15-2026 | 1,065,000 | 1,149,944 | ||
Owens-Brockway Packaging Incorporated 144A | 6.38 | 8-15-2025 | 600,000 | 573,583 | ||
Sealed Air Corporation 144A | 5.00 | 4-15-2029 | 290,000 | 287,100 | ||
5,290,819 | ||||||
Metals & mining: 0.43% | ||||||
Arches Buyer Incorporated 144A | 4.25 | 6-1-2028 | 800,000 | 684,331 | ||
Cleveland-Cliffs Incorporated | 5.88 | 6-1-2027 | 540,000 | 537,462 | ||
1,221,793 | ||||||
Paper & forest products: 0.04% | ||||||
Clearwater Paper Corporation 144A | 4.75 | 8-15-2028 | 115,000 | 103,168 | ||
Real estate: 2.30% | ||||||
Equity REITs: 2.30% | ||||||
Iron Mountain Incorporated 144A | 4.50 | 2-15-2031 | 1,625,000 | 1,425,848 | ||
Iron Mountain Incorporated 144A | 5.25 | 7-15-2030 | 1,505,000 | 1,407,973 | ||
Omega HealthCare Investors Incorporated | 4.50 | 4-1-2027 | 600,000 | 578,608 | ||
Service Properties Trust Company | 3.95 | 1-15-2028 | 385,000 | 284,989 | ||
Service Properties Trust Company | 4.75 | 10-1-2026 | 545,000 | 426,697 |
See accompanying notes to portfolio of investments
Allspring Multi-Sector Income Fund | 9
Portfolio of investments—July 31, 2022 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Equity REITs (continued) | ||||||
Service Properties Trust Company | 4.95% | 2-15-2027 | $ | 1,000,000 | $ 823,405 | |
Service Properties Trust Company | 7.50 | 9-15-2025 | 1,000,000 | 969,560 | ||
SITE Centers Corporation | 4.70 | 6-1-2027 | 600,000 | 595,939 | ||
6,513,019 | ||||||
Utilities: 3.06% | ||||||
Electric utilities: 0.60% | ||||||
NextEra Energy Operating Partners LP 144A | 4.25 | 9-15-2024 | 16,000 | 15,640 | ||
NextEra Energy Operating Partners LP 144A | 4.50 | 9-15-2027 | 400,000 | 395,330 | ||
PG&E Corporation | 5.00 | 7-1-2028 | 100,000 | 91,294 | ||
PG&E Corporation | 5.25 | 7-1-2030 | 1,335,000 | 1,198,163 | ||
1,700,427 | ||||||
Independent power & renewable electricity producers: 2.46% | ||||||
NSG Holdings LLC 144A | 7.75 | 12-15-2025 | 1,381,753 | 1,336,847 | ||
TerraForm Power Operating LLC 144A | 4.75 | 1-15-2030 | 1,480,000 | 1,375,786 | ||
TerraForm Power Operating LLC 144A | 5.00 | 1-31-2028 | 2,475,000 | 2,378,240 | ||
Vistra Operations Company LLC 144A | 4.38 | 5-1-2029 | 795,000 | 739,088 | ||
Vistra Operations Company LLC 144A | 5.63 | 2-15-2027 | 1,125,000 | 1,128,611 | ||
6,958,572 | ||||||
Total Corporate bonds and notes (Cost $214,548,844) | 200,344,447 | |||||
Foreign corporate bonds and notes : 7.63% | ||||||
Financials: 7.63% | ||||||
Banks: 7.63% | ||||||
European Investment Bank | 2.85 | 12-13-2022 | BRL | 9,200,000 | 1,706,252 | |
European Investment Bank | 8.00 | 5-5-2027 | ZAR | 21,000,000 | 1,261,895 | |
European Investment Bank | 8.75 | 8-18-2025 | ZAR | 20,000,000 | 1,235,740 | |
International Bank for Reconstruction & Development | 5.75 | 1-14-2028 | BRL | 15,000,000 | 2,238,070 | |
International Bank for Reconstruction & Development | 6.75 | 2-9-2029 | ZAR | 60,000,000 | 3,356,643 | |
International Bank for Reconstruction & Development | 7.00 | 6-7-2023 | ZAR | 15,000,000 | 901,697 | |
International Bank for Reconstruction & Development | 8.25 | 6-22-2023 | BRL | 9,000,000 | 1,675,074 | |
International Bank for Reconstruction & Development | 9.50 | 2-9-2029 | BRL | 22,000,000 | 3,883,303 | |
International Finance Corporation | 8.25 | 1-30-2023 | BRL | 9,000,000 | 1,690,381 | |
KfW | 7.50 | 11-10-2022 | ZAR | 36,000,000 | 2,167,562 | |
The Asian Development Bank | 6.00 | 2-5-2026 | BRL | 9,000,000 | 1,478,518 | |
Total Foreign corporate bonds and notes (Cost $24,439,034) | 21,595,135 | |||||
Foreign government bonds : 20.77% | ||||||
China Government Bond | 3.02 | 5-27-2031 | CNY | 14,700,000 | 2,220,012 | |
Colombia | 6.25 | 11-26-2025 | COP | 15,000,000,000 | 3,029,260 | |
Colombia | 7.50 | 8-26-2026 | COP | 22,725,000,000 | 4,628,002 | |
Hungary | 1.50 | 4-22-2026 | HUF | 1,200,000,000 | 2,249,571 | |
India | 7.27 | 4-8-2026 | INR | 60,000,000 | 762,592 |
See accompanying notes to portfolio of investments
10 | Allspring Multi-Sector Income Fund
Portfolio of investments—July 31, 2022 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Foreign government bonds (continued) | ||||||
India | 7.32% | 1-28-2024 | INR | 710,000,000 | $ 9,052,671 | |
Indonesia | 7.00 | 9-15-2030 | IDR | 115,000,000,000 | 7,698,972 | |
Indonesia | 5.50 | 4-15-2026 | IDR | 30,000,000,000 | 1,965,953 | |
Mexico | 7.75 | 5-29-2031 | MXN | 85,000,000 | 3,934,672 | |
Mexico | 8.50 | 5-31-2029 | MXN | 208,500,000 | 10,122,409 | |
Romania | 3.65 | 9-24-2031 | RON | 38,500,000 | 5,726,228 | |
Romania | 5.00 | 2-12-2029 | RON | 20,000,000 | 3,482,584 | |
Russia (Acquired 8-9-2019, cost $5,916,196) †> | 6.50 | 2-28-2024 | RUB | 390,000,000 | 1,375,551 | |
Russia (Acquired 8-9-2019, cost $6,033,550) †> | 6.90 | 5-23-2029 | RUB | 400,000,000 | 1,410,822 | |
Russia (Acquired 9-30-2020, cost $4,624,558) †> | 7.65 | 4-10-2030 | RUB | 325,000,000 | 1,146,293 | |
Total Foreign government bonds (Cost $83,483,708) | 58,805,592 | |||||
Loans: 18.91% | ||||||
Communication services: 0.70% | ||||||
Media: 0.41% | ||||||
Clear Channel Outdoor Holdings (1 Month LIBOR +3.50%) <± | 4.74 | 8-21-2026 | $ | 500,000 | 458,750 | |
Hubbard Radio LLC (3 Month LIBOR +4.25%) ± | 6.63 | 3-28-2025 | 766,069 | 712,444 | ||
1,171,194 | ||||||
Wireless telecommunication services: 0.29% | ||||||
Connect U.S. Finco LLC (1 Month LIBOR +3.50%) ± | 5.88 | 12-11-2026 | 855,313 | 821,904 | ||
Consumer discretionary: 1.55% | ||||||
Auto components: 0.93% | ||||||
Clarios Global LP (1 Month LIBOR +3.25%) ± | 5.62 | 4-30-2026 | 190,172 | 182,668 | ||
Tenneco Incorporated (3 Month LIBOR +3.00%) ± | 5.37 | 10-1-2025 | 2,493,540 | 2,448,656 | ||
2,631,324 | ||||||
Multiline retail: 0.51% | ||||||
LSF9 Atlantis Holdings LLC (U.S. SOFR 1 Month +7.25%) ‡± | 9.30 | 3-31-2029 | 1,550,000 | 1,441,500 | ||
Specialty retail: 0.11% | ||||||
Michaels Companies Incorporated (1 Month LIBOR +4.25%) ± | 6.50 | 4-15-2028 | 383,065 | 320,051 | ||
Energy: 1.79% | ||||||
Energy equipment & services: 0.65% | ||||||
Championx Corporation (U.S. SOFR 1 Month +3.25%) ± | 5.08 | 6-7-2029 | 1,850,000 | 1,833,813 | ||
Oil, gas & consumable fuels: 1.14% | ||||||
AL NGPL Holdings LLC (1 Month LIBOR +3.75%) ± | 6.10 | 4-14-2028 | 714,725 | 702,753 | ||
GIP II Blue Holdings LP (1 Month LIBOR +4.50%) ± | 6.75 | 9-29-2028 | 816,148 | 794,381 |
See accompanying notes to portfolio of investments
Allspring Multi-Sector Income Fund | 11
Portfolio of investments—July 31, 2022 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Oil, gas & consumable fuels (continued) | ||||||
NorthRiver Midstream Finance LP (3 Month LIBOR +3.25%) ± | 5.53% | 10-1-2025 | $ | 910,100 | $ 898,077 | |
Prairie ECI Acquiror LP (3 Month LIBOR +4.75%) ± | 7.12 | 3-11-2026 | 900,000 | 831,096 | ||
3,226,307 | ||||||
Financials: 3.63% | ||||||
Diversified financial services: 2.91% | ||||||
Intelsat Jackson Holdings SA (U.S. SOFR 1 Month +4.25%) <± | 4.92 | 2-1-2029 | 1,591,188 | 1,502,256 | ||
Medline Borrower LP (1 Month LIBOR +3.00%) <± | 5.64 | 10-23-2028 | 1,400,000 | 1,334,816 | ||
Resolute Investment Managers Incorporated (1 Month LIBOR +4.25%) ‡± | 6.50 | 4-30-2024 | 2,481,473 | 2,270,548 | ||
Resolute Investment Managers Incorporated (1 Month LIBOR +8.00%) ‡± | 10.81 | 4-30-2025 | 923,070 | 863,071 | ||
Russell Investments US Institutional Holdco Incorporated (1 Month LIBOR +3.50%) ± | 5.00 | 5-30-2025 | 1,706,817 | 1,601,745 | ||
Solis IV BV (U.S. SOFR 1 Month +3.50%) ± | 4.84 | 2-26-2029 | 760,000 | 676,020 | ||
8,248,456 | ||||||
Insurance: 0.42% | ||||||
Asurion LLC (1 Month LIBOR +3.00%) <± | 5.36 | 11-3-2023 | 330,000 | 326,700 | ||
Asurion LLC (1 Month LIBOR +5.25%) ± | 7.62 | 1-31-2028 | 1,000,000 | 855,000 | ||
1,181,700 | ||||||
Mortgage REITs: 0.30% | ||||||
Claros Mortgage Trust Incorporated (U.S. SOFR 1 Month +4.50%) ‡± | 6.33 | 8-9-2026 | 860,675 | 837,006 | ||
Health care: 1.62% | ||||||
Health care equipment & supplies: 0.81% | ||||||
Bausch & Lomb Incorporated (U.S. SOFR 1 Month +3.25%) ± | 4.55 | 5-10-2027 | 900,000 | 850,500 | ||
Surgery Center Holdings Incorporated (1 Month LIBOR +3.75%) ± | 5.63 | 8-31-2026 | 1,514,153 | 1,451,694 | ||
2,302,194 | ||||||
Health care technology: 0.59% | ||||||
Athenahealth Incorporated (U.S. SOFR 1 Month +3.50%) ± | 5.79 | 2-15-2029 | 127,588 | 121,368 | ||
Athenahealth Incorporated (U.S. SOFR 1 Month +3.50%) ± | 5.65 | 2-15-2029 | 752,769 | 716,071 | ||
Change Healthcare Holdings Incorporated (1 Month LIBOR +2.50%) ± | 4.87 | 3-1-2024 | 850,000 | 838,049 | ||
1,675,488 | ||||||
Pharmaceuticals: 0.22% | ||||||
Bausch Health Companies Incorporated (U.S. SOFR 1 Month +5.25%) ± | 7.17 | 2-1-2027 | 735,000 | 616,481 |
See accompanying notes to portfolio of investments
12 | Allspring Multi-Sector Income Fund
Portfolio of investments—July 31, 2022 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Industrials: 5.93% | ||||||
Aerospace & defense: 1.03% | ||||||
Spirit AeroSystems Incorporated (1 Month LIBOR +3.75%) ± | 6.12% | 1-15-2025 | $ | 2,974,870 | $ 2,912,398 | |
Airlines: 2.34% | ||||||
AAdvantage Loyalty IP Limited (1 Month LIBOR +4.75%) ± | 7.46 | 4-20-2028 | 1,012,000 | 995,555 | ||
Mileage Plus Holdings LLC (1 Month LIBOR +5.25%) ± | 7.31 | 6-21-2027 | 2,885,000 | 2,906,032 | ||
SkyMiles LP Limited (3 Month LIBOR +3.75%) ± | 6.46 | 10-20-2027 | 2,710,000 | 2,735,068 | ||
6,636,655 | ||||||
Commercial services & supplies: 1.93% | ||||||
Allied Universal Holdco LLC (1 Month LIBOR +3.75%) ± | 6.12 | 5-12-2028 | 789,037 | 736,061 | ||
Amentum Government Services Holdings LLC (U.S. SOFR 1 Month +4.00%) ± | 5.60 | 2-15-2029 | 360,000 | 348,412 | ||
MIP V Waste Holdings LLC (1 Month LIBOR +3.25%) ± | 5.62 | 12-8-2028 | 349,125 | 337,489 | ||
Polaris Newco LLC (1 Month LIBOR +4.00%) ± | 6.37 | 6-2-2028 | 1,077,548 | 1,021,720 | ||
The Geo Group Incorporated (3 Month LIBOR +2.00%) ± | 4.38 | 3-22-2024 | 3,125,412 | 3,012,459 | ||
5,456,141 | ||||||
Machinery: 0.63% | ||||||
Vertical US Newco Incorporated (6 Month LIBOR +3.50%) ± | 6.87 | 7-30-2027 | 464,161 | 447,567 | ||
Werner FinCo LP (3 Month LIBOR +4.00%) ‡± | 6.37 | 7-24-2024 | 1,423,506 | 1,334,537 | ||
1,782,104 | ||||||
Information technology: 2.34% | ||||||
IT services: 0.82% | ||||||
Applied Systems Incorporated (1 Month LIBOR +3.00%) <± | 5.25 | 9-19-2024 | 2,378,167 | 2,331,793 | ||
Software: 1.52% | ||||||
Emerald Topco Incorporated (1 Month LIBOR +3.50%) ± | 5.87 | 7-24-2026 | 674,035 | 631,065 | ||
Greeneden US Holdings II LLC (1 Month LIBOR +4.00%) ± | 6.37 | 12-1-2027 | 845,707 | 824,108 | ||
McAfee Corporation (U.S. SOFR 1 Month +4.00%) ± | 5.70 | 3-1-2029 | 875,000 | 833,805 | ||
Sophia LP (1 Month LIBOR +3.25%) ± | 5.50 | 10-7-2027 | 1,398,780 | 1,344,227 | ||
SS&C Technologies Incorporated (1 Month LIBOR +1.75%) <± | 2.37 | 4-16-2025 | 369,801 | 360,729 | ||
SS&C Technologies Incorporated (1 Month LIBOR +1.75%) <± | 2.37 | 4-16-2025 | 300,199 | 292,836 | ||
4,286,770 |
See accompanying notes to portfolio of investments
Allspring Multi-Sector Income Fund | 13
Portfolio of investments—July 31, 2022 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Materials: 1.23% | ||||||
Chemicals: 0.96% | ||||||
Avient Corporation (U.S. SOFR 1 Month +3.25%) ‡<± | 5.56% | 7-27-2029 | $ | 2,005,000 | $ 1,954,875 | |
Olympus Water US Holding Corporation (1 Month LIBOR +3.75%) ± | 6.06 | 11-9-2028 | 796,000 | 751,973 | ||
2,706,848 | ||||||
Containers & packaging: 0.27% | ||||||
Clydesdale Acquisition Holdings Incorporated (U.S. SOFR 1 Month +4.18%) ± | 6.60 | 4-13-2029 | 800,000 | 767,000 | ||
Utilities: 0.12% | ||||||
Independent power & renewable electricity producers: 0.12% | ||||||
Terraform Power Operating LLC (U.S. SOFR 1 Month +2.75%) ‡± | 2.92 | 5-21-2029 | 350,000 | 344,096 | ||
Total Loans (Cost $55,382,900) | 53,531,223 | |||||
Non-agency mortgage-backed securities: 6.96% | ||||||
Banc of America Funding Corporation Series 2005 Class 5-1A1 | 5.50 | 9-25-2035 | 84,919 | 83,985 | ||
Banc of America Funding Corporation Series 2005 Class D-A1 ±± | 2.97 | 5-25-2035 | 136,547 | 133,563 | ||
Banc of America Merrill Lynch Commercial Mortgage Incorporated Series 2017-BNK6 Class D 144A | 3.10 | 7-15-2060 | 1,000,000 | 790,548 | ||
Banc of America Mortgage Securities Series 2003 Class 1A1 ±± | 2.58 | 4-25-2033 | 243,664 | 228,331 | ||
Benchmark Mortgage Trust Series 2018-B1 Class A2 | 3.57 | 1-15-2051 | 67,422 | 67,144 | ||
Brookside Mill CLO Limited Series 2013 Class 1A (3 Month LIBOR +2.65%) 144A± | 5.39 | 1-17-2028 | 1,000,000 | 943,445 | ||
Centex Home Equity Series 2002-A Class AF6 | 5.54 | 1-25-2032 | 7,484 | 7,465 | ||
Citigroup Commercial Mortgage Trust Series 2012-GC8 Class C 144A±± | 4.80 | 9-10-2045 | 1,000,000 | 980,000 | ||
Commercial Mortgage Trust Series 2012-CR2 Class C ±± | 4.92 | 8-15-2045 | 1,000,000 | 997,059 | ||
Commercial Mortgage Trust Series 2012-CR4 Class B 144A | 3.70 | 10-15-2045 | 1,000,000 | 850,000 | ||
Commercial Mortgage Trust Series 2012-CR5 Class E 144A±± | 4.34 | 12-10-2045 | 1,000,000 | 949,567 | ||
Commercial Mortgage Trust Series 2012-LC4 Class C ±± | 5.28 | 12-10-2044 | 500,000 | 451,518 | ||
Commercial Mortgage Trust Series 2013-LC13 Class D 144A±± | 5.25 | 8-10-2046 | 1,103,000 | 1,003,120 | ||
Countrywide Home Loans Series 2003-48 Class 2A2 ±± | 2.29 | 10-25-2033 | 27,087 | 24,679 | ||
Credit Suisse First Boston Mortgage Securities Series 2002-AR25 Class 1A1 ±± | 2.30 | 9-25-2032 | 239,025 | 222,658 | ||
Credit Suisse First Boston Mortgage Securities Series 2003-AR15 Class 3A1 ±± | 2.95 | 6-25-2033 | 34,829 | 33,333 | ||
Credit Suisse First Boston Mortgage Securities Series 2003-AR9 Class 2A2 ±± | 2.34 | 3-25-2033 | 8,033 | 7,981 |
See accompanying notes to portfolio of investments
14 | Allspring Multi-Sector Income Fund
Portfolio of investments—July 31, 2022 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Non-agency mortgage-backed securities (continued) | ||||||
Credit Suisse First Boston Mortgage Securities Series 2014-USA Class D 144A | 4.37% | 9-15-2037 | $ | 750,000 | $ 633,082 | |
Global Mortgage Securitization Limited Series 2004-A Class A2 (1 Month LIBOR +0.32%) 144A± | 2.58 | 11-25-2032 | 26,187 | 25,245 | ||
Goldman Sachs Mortgage Securities Trust Series 2010-C1 Class X 144A♀±± | 0.47 | 8-10-2043 | 678,877 | 2,748 | ||
Goldman Sachs Mortgage Securities Trust Series 2019-GSA1 Class C ±± | 3.80 | 11-10-2052 | 1,000,000 | 868,159 | ||
Goldman Sachs Mortgage Securities Trust Series 2020-DUNE Class D (1 Month LIBOR +1.90%) 144A± | 3.90 | 12-15-2036 | 1,000,000 | 964,103 | ||
GSAA Home Equity Trust Series 2004-5 Class AF5 ±± | 4.43 | 6-25-2034 | 16 | 16 | ||
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-C17 Class B ±± | 4.89 | 1-15-2047 | 50,000 | 49,407 | ||
JPMorgan Mortgage Trust Series 2004-A3 Class 2A1 ±± | 3.37 | 7-25-2034 | 2,637 | 2,574 | ||
JPMorgan Mortgage Trust Series 2004-A3 Class 3A3 ±± | 2.87 | 7-25-2034 | 16,639 | 15,049 | ||
JPMorgan Mortgage Trust Series 2005-A3 Class 11A2 ±± | 2.52 | 6-25-2035 | 72,355 | 69,449 | ||
MASTR Adjustable Rate Mortgage Trust Series 2003-6 Class 3A1 ±± | 2.19 | 12-25-2033 | 51,761 | 51,816 | ||
MASTR Adjustable Rate Mortgage Trust Series 2003-6 Class 4A2 ±± | 3.03 | 1-25-2034 | 3,537 | 3,519 | ||
MASTR Adjustable Rate Mortgage Trust Series 2004-13 Class 3A7 ±± | 3.05 | 11-21-2034 | 3,871 | 3,694 | ||
MASTR Alternative Loans Trust Series 2005-1 Class 5A1 | 5.50 | 3-25-2036 | 432 | 385 | ||
MF1 Multifamily Housing Mortgage Loan Trust Series 2022 Class FL8-C (30 Day Average U.S. SOFR +2.20%) 144A± | 3.67 | 2-19-2037 | 1,000,000 | 919,695 | ||
MFRA Trust Series 2022-NQM1 Class M1 144A±± | 4.33 | 12-25-2066 | 1,000,000 | 872,291 | ||
Mid-State Trust Series 11 Class A1 | 4.86 | 7-15-2038 | 90,407 | 89,108 | ||
MLCC Mortgage Investors Incorporated Series 2003-G Class A2 (6 Month LIBOR +0.68%) ± | 2.74 | 1-25-2029 | 20,984 | 20,487 | ||
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C11 Class A4 ±± | 4.15 | 8-15-2046 | 569,000 | 565,024 | ||
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C7 Class D 144A±± | 4.21 | 2-15-2046 | 692,000 | 533,994 | ||
Morgan Stanley Mortgage Loan Trust Series 2004-4 Class 2A ±± | 6.35 | 9-25-2034 | 13,501 | 13,800 | ||
New Century Home Equity Loan Trust Series 2004-3 Class M1 (1 Month LIBOR +0.93%) ± | 3.19 | 11-25-2034 | 758,609 | 718,131 | ||
Parallel Limited Series 2021-1A Class D (3 Month LIBOR +3.45%) 144A± | 5.96 | 7-15-2034 | 1,000,000 | 885,492 | ||
Sequoia Mortgage Trust Series 2003-1 Class 1A (1 Month LIBOR +0.76%) ± | 2.89 | 4-20-2033 | 4,110 | 3,844 | ||
SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE Class D 144A±± | 4.39 | 1-5-2043 | 1,000,000 | 606,334 |
See accompanying notes to portfolio of investments
Allspring Multi-Sector Income Fund | 15
Portfolio of investments—July 31, 2022 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Non-agency mortgage-backed securities (continued) | ||||||
Sound Point CLO Limited Series 2015-1RA Class BR (3 Month LIBOR +1.55%) 144A± | 4.06% | 4-15-2030 | $ | 1,000,000 | $ 939,858 | |
Starwood Commercial Mortgage Trust Series 2022-FL3 Class A (30 Day Average U.S. SOFR +1.35%) 144A± | 2.77 | 11-15-2038 | 1,200,000 | 1,156,500 | ||
Structured Adjustable Rate Mortgage Loan Trust Series 2004-2 Class 2A ±± | 2.93 | 3-25-2034 | 12,707 | 12,153 | ||
Terwin Mortgage Trust Series 2003-6HE Class A3 (1 Month LIBOR +1.14%) ± | 3.40 | 11-25-2033 | 110,861 | 104,259 | ||
TPG Real Estate Finance Trust Series 2022-FL5 Class A (30 Day Average U.S. SOFR +1.65%) 144A± | 3.07 | 2-15-2039 | 500,000 | 486,181 | ||
Vendee Mortgage Trust Series 2003-2 Class IO ♀±± | 0.52 | 5-15-2033 | 1,358,731 | 21,786 | ||
Verus Securitization Trust Series 2021-1 Class A2 144A±± | 1.05 | 1-25-2066 | 444,735 | 404,116 | ||
Washington Mutual Mortgage Trust Series 2004-RA4 Class 3A | 7.50 | 7-25-2034 | 63,231 | 62,555 | ||
Westgate Resorts Series 2022-1A Class C 144A | 2.49 | 8-20-2036 | 863,307 | 824,892 | ||
Total Non-agency mortgage-backed securities (Cost $21,734,578) | 19,704,142 |
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: 10.31% | ||||||
Communication services: 0.75% | ||||||
Diversified telecommunication services: 0.00% | ||||||
Intelsat Jackson Holdings SA ♦† | 5.50 | 8-1-2023 | $ | 4,300,000 | 0 | |
Media: 0.25% | ||||||
Videotron Limited 144A | 5.13 | 4-15-2027 | 545,000 | 528,650 | ||
Virgin Media Finance plc 144A | 5.00 | 7-15-2030 | 200,000 | 169,431 | ||
698,081 | ||||||
Wireless telecommunication services: 0.50% | ||||||
Connect U.S. Finco LLC 144A | 6.75 | 10-1-2026 | 750,000 | 733,523 |
See accompanying notes to portfolio of investments
16 | Allspring Multi-Sector Income Fund
Portfolio of investments—July 31, 2022 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Wireless telecommunication services (continued) | ||||||
Telesat Canada 144A | 5.63% | 12-6-2026 | $ | 360,000 | $ 229,817 | |
VMED O2 UK Financing I plc 144A | 4.75 | 7-15-2031 | 500,000 | 452,500 | ||
1,415,840 | ||||||
Consumer discretionary: 0.50% | ||||||
Hotels, restaurants & leisure: 0.20% | ||||||
GENM Capital Labuan Limited 144A | 3.88 | 4-19-2031 | 750,000 | 574,343 | ||
Internet & direct marketing retail: 0.30% | ||||||
Prosus NV 144A | 4.19 | 1-19-2032 | 1,000,000 | 849,349 | ||
Energy: 1.34% | ||||||
Oil, gas & consumable fuels: 1.34% | ||||||
Baytex Energy Corporation 144A | 8.75 | 4-1-2027 | 1,800,000 | 1,833,750 | ||
Cenovus Energy Incorporated | 4.40 | 4-15-2029 | 750,000 | 742,139 | ||
Northriver Midstream Finance LP 144A | 5.63 | 2-15-2026 | 1,227,000 | 1,212,620 | ||
3,788,509 | ||||||
Financials: 2.24% | ||||||
Banks: 0.55% | ||||||
ABN AMRO Bank NV 144A | 4.80 | 4-18-2026 | 750,000 | 747,534 | ||
NatWest Group plc (5 Year Treasury Constant Maturity +2.35%) ± | 3.03 | 11-28-2035 | 1,000,000 | 814,105 | ||
1,561,639 | ||||||
Capital markets: 0.18% | ||||||
Credit Suisse Group AG (5 Year Treasury Constant Maturity +3.55%) 144Aʊ± | 4.50 | 9-3-2030 | 700,000 | 504,210 | ||
Diversified financial services: 0.62% | ||||||
Castlelake Aviation Finance 144A | 5.00 | 4-15-2027 | 770,000 | 646,445 | ||
New Red Finance Incorporated 144A | 4.00 | 10-15-2030 | 675,000 | 587,250 | ||
New Red Finance Incorporated 144A | 5.75 | 4-15-2025 | 515,000 | 521,438 | ||
1,755,133 | ||||||
Insurance: 0.89% | ||||||
Allied World Assurance Company Holdings Limited | 4.35 | 10-29-2025 | 385,000 | 379,319 | ||
Athene Holding Limited | 4.13 | 1-12-2028 | 750,000 | 718,583 | ||
Fairfax Financial Holdings Limited | 4.85 | 4-17-2028 | 750,000 | 751,601 | ||
Sompo International Holdings Limited | 7.00 | 7-15-2034 | 575,000 | 669,312 | ||
2,518,815 | ||||||
Health care: 1.57% | ||||||
Biotechnology: 0.38% | ||||||
Grifols Escrow Issuer SA 144A | 4.75 | 10-15-2028 | 1,230,000 | 1,090,112 | ||
Pharmaceuticals: 1.19% | ||||||
Bausch Health Companies Incorporated 144A | 4.88 | 6-1-2028 | 645,000 | 513,581 | ||
Bausch Health Companies Incorporated 144A | 5.25 | 1-30-2030 | 2,445,000 | 1,256,339 |
See accompanying notes to portfolio of investments
Allspring Multi-Sector Income Fund | 17
Portfolio of investments—July 31, 2022 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Pharmaceuticals (continued) | ||||||
Teva Pharmaceutical Finance Netherlands III BV | 4.75% | 5-9-2027 | $ | 185,000 | $ 177,369 | |
Teva Pharmaceutical Finance Netherlands III BV | 6.00 | 4-15-2024 | 1,410,000 | 1,422,338 | ||
3,369,627 | ||||||
Industrials: 3.14% | ||||||
Aerospace & defense: 0.44% | ||||||
Bombardier Incorporated 144A | 7.88 | 4-15-2027 | 1,350,000 | 1,248,750 | ||
Airlines: 1.11% | ||||||
Air Canada Pass-Through Trust Series 2020-1 Class C 144A | 10.50 | 7-15-2026 | 2,276,000 | 2,403,411 | ||
VistaJet Malta Finance PLC 144A | 6.38 | 2-1-2030 | 835,000 | 726,884 | ||
3,130,295 | ||||||
Electrical equipment: 0.83% | ||||||
Sensata Technologies BV 144A | 4.00 | 4-15-2029 | 1,690,000 | 1,536,717 | ||
Sensata Technologies BV 144A | 4.88 | 10-15-2023 | 550,000 | 550,344 | ||
Sensata Technologies BV 144A | 5.00 | 10-1-2025 | 260,000 | 261,349 | ||
2,348,410 | ||||||
Metals & mining: 0.26% | ||||||
Glencore Finance Canada Limited 144A | 4.25 | 10-25-2022 | 750,000 | 749,985 | ||
Trading companies & distributors: 0.50% | ||||||
Fly Leasing Limited 144A | 7.00 | 10-15-2024 | 2,575,000 | 1,409,813 | ||
Materials: 0.62% | ||||||
Containers & packaging: 0.33% | ||||||
Ardagh Packaging Finance plc 144A | 4.13 | 8-15-2026 | 75,000 | 66,375 | ||
Ardagh Packaging Finance plc 144A | 5.25 | 4-30-2025 | 125,000 | 119,375 | ||
Ardagh Packaging Finance plc 144A | 6.00 | 6-15-2027 | 715,000 | 735,556 | ||
921,306 | ||||||
Metals & mining: 0.29% | ||||||
Constellium SE 144A | 5.88 | 2-15-2026 | 860,000 | 834,712 | ||
Utilities: 0.15% | ||||||
Multi-utilities: 0.15% | ||||||
Veolia Environnement SA | 6.75 | 6-1-2038 | 350,000 | 427,595 | ||
Total Yankee corporate bonds and notes (Cost $33,264,478) | 29,196,524 | |||||
Yankee government bonds: 0.26% | ||||||
Republic of Trinidad and Tobago 144A | 4.50 | 8-4-2026 | 750,000 | 729,151 | ||
Total Yankee government bonds (Cost $746,920) | 729,151 |
See accompanying notes to portfolio of investments
18 | Allspring Multi-Sector Income Fund
Portfolio of investments—July 31, 2022 (unaudited)
Yield | Shares | Value | ||||
Short-term investments: 2.20% | ||||||
Investment companies: 2.20% | ||||||
Allspring Government Money Market Fund Select Class ♠∞## | 1.76% | 6,227,648 | $ 6,227,648 | |||
Total Short-term investments (Cost $6,227,648) | 6,227,648 | |||||
Total investments in securities (Cost $450,587,484) | 140.80% | 398,595,868 | ||||
Other assets and liabilities, net | (40.80) | (115,494,775) | ||||
Total net assets | 100.00% | $ 283,101,093 |
± | Variable rate investment. 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. |
## | All or a portion of this security is segregated for when-issued securities and unfunded loans. |
±± | 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. |
♀ | 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. |
‡ | Security is valued using significant unobservable inputs. |
† | Non-income-earning security |
> | Restricted security as to resale, excluding Rule 144A securities. The Fund held restricted securities with an aggregate current value of $3,932,666 (original aggregate cost of $16,574,304), representing 1.39% of its net assets as of period end. |
< | 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. |
♦ | The security is fair valued in accordance with procedures approved by the Board of Trustees. |
♠ | 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. |
ʊ | Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
%% | The security is purchased on a when-issued basis. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
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 |
REIT | Real estate investment trust |
RON | Romanian lei |
RUB | Russian ruble |
SOFR | Secured Overnight Financing Rate |
ZAR | South African rand |
See accompanying notes to portfolio of investments
Allspring Multi-Sector Income Fund | 19
Portfolio of investments—July 31, 2022 (unaudited)
Investments in affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:
Value, 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 | $11,880,250 | $100,186,642 | $(105,839,244) | $0 | $0 | $6,227,648 | 6,227,648 | $22,380 |
See accompanying notes to portfolio of investments
20 | Allspring Multi-Sector Income Fund
Notes to portfolio of investments—July 31, 2022 (unaudited)
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 that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Allspring Global Investments Pricing Committee at Allspring Funds Management, LLC ("Allspring Funds Management").
Investments in registered open-end investment companies are valued at net asset value.
Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. The Board of Trustees has established a Valuation Committee comprised of the Trustees 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, unless the determination has been delegated to the Allspring Global Investments Pricing Committee. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Allspring Global Investments Pricing Committee which may include items for ratification.
Foreign currency translation
The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Allspring Global Investments Pricing Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.
When-issued transactions
The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund's commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.
Loans
The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Fund purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund assumes the credit risk of both the borrower and the lender that is selling the 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.
As of July 31, 2022, the Fund had unfunded loan commitments of $7,745,494.
Allspring Multi-Sector Income Fund | 21
Notes to portfolio of investments—July 31, 2022 (unaudited)
Fair valuation measurements
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2022:
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Agency securities | $0 | $1,298,191 | $0 | $1,298,191 |
Asset-backed securities | 0 | 4,033,016 | 0 | 4,033,016 |
Common stocks | ||||
Communication services | 0 | 0 | 876,390 | 876,390 |
Energy | 862,626 | 0 | 0 | 862,626 |
Financials | 1,391,783 | 0 | 0 | 1,391,783 |
Corporate bonds and notes | 0 | 200,344,447 | 0 | 200,344,447 |
Foreign corporate bonds and notes | 0 | 21,595,135 | 0 | 21,595,135 |
Foreign government bonds | 0 | 58,805,592 | 0 | 58,805,592 |
Loans | 0 | 44,485,590 | 9,045,633 | 53,531,223 |
Non-agency mortgage-backed securities | 0 | 19,704,142 | 0 | 19,704,142 |
Yankee corporate bonds and notes | 0 | 29,196,524 | 0 | 29,196,524 |
Yankee government bonds | 0 | 729,151 | 0 | 729,151 |
Short-term investments | ||||
Investment companies | 6,227,648 | 0 | 0 | 6,227,648 |
Total assets | $8,482,057 | $380,191,788 | $9,922,023 | $398,595,868 |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
22 | Allspring Multi-Sector Income Fund
Notes to portfolio of investments—July 31, 2022 (unaudited)
The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:
Common stocks | Loans | Total | |
Balance as of October 31, 2021 | $0 | $5,330,704 | $5,330,704 |
Accrued discounts (premiums) | 0 | 6,476 | 6,476 |
Realized gains (losses) | (290,887) | (15,096) | (305,983) |
Change in unrealized gains (losses) | 179,000 | (463,288) | (284,288) |
Purchases | 0 | 5,013,023 | 5,013,023 |
Sales | (137,547) | (488,697) | (626,244) |
Transfers into Level 3 | 1,125,824 | 0 | 1,125,824 |
Transfers out of Level 3 | 0 | (337,489) | (337,489) |
Balance as of July 31, 2022 | $876,390 | $9,045,633 | $9,922,023 |
Change in unrealized gains (losses) relating to securities still held at July 31, 2022 | $0 | $(445,705) | $(445,705) |
The investment type categorized above was valued using indicative broker quotes. These indicative broker quotes are considered Level 3 inputs. Quantitative unobservable inputs used by the brokers are often proprietary and not provided to the Fund and therefore the disclosure that would address these inputs is not included above.
Allspring Multi-Sector Income Fund | 23