NPORT-EX 2 fund2lkc.htm
Portfolio of investments—January 31, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Agency securities: 0.44%            
FHLMC (5 Year Treasury Constant Maturity +2.08%) ±   2.70% 9-1-2032 $         324,799 $     325,803
FHLMC    8.50 7-1-2028            11,961       13,120
FHLMC Series 1383 (1 Year Treasury Constant Maturity +2.25%) ±   2.37 2-1-2037            75,017       78,931
FHLMC Series 2013-K30 Class B 144A±±   3.56 6-25-2045           700,000      717,989
FHLMC Series 2390 Class FD (1 Month LIBOR +0.45%) ±   0.56 12-15-2031             8,531        8,550
FHLMC Series 2567 Class FH (1 Month LIBOR +0.40%) ±   0.51 2-15-2033            27,771       27,318
FHLMC Series 3987 Class CI ♀   3.50 6-15-2026           971,532       13,009
FHLMC Series K020 Class X1 ♀±±   1.33 5-25-2022         4,530,240        5,698
FNMA (6 Month LIBOR +1.64%) ±   1.89 9-1-2037            10,880       10,913
FNMA    6.00 4-1-2033            47,773       49,105
FNMA    7.50 2-1-2030             4,917        4,946
FNMA Series 1997-20 Class IO ♀±±   1.84 3-25-2027            52,035          662
FNMA Series 2001-25 Class Z    6.00 6-25-2031            38,035       41,663
FNMA Series 2001-35 Class F (1 Month LIBOR +0.60%) ±   0.71 7-25-2031             2,115        2,136
FNMA Series 2001-57 Class F (1 Month LIBOR +0.50%) ±   0.61 6-25-2031             2,130        2,156
FNMA Series 2002-77 Class FH (1 Month LIBOR +0.40%) ±   0.51 12-18-2032            12,946       12,978
FNMA Series 2002-97 Class FR (1 Month LIBOR +0.55%) ±   0.66 1-25-2033             3,255        3,284
GNMA    6.50 6-15-2028            11,731       12,821
GNMA Series 2019-H06 Class HI ♀±±   1.81 4-20-2069         4,020,072      167,895
Total Agency securities (Cost $1,426,004)              1,498,977
Asset-backed securities: 1.14%            
Acres plc Series 2021-FL2 Class A (1 Month LIBOR +1.40%) 144A±   1.50 1-15-2037           500,000      500,727
Aqua Finance Trust Series 2021-A Class A  144A   1.54 7-17-2046           678,882      666,784
Asset-Backed Funding Certificates Series 2003-AHL1 Class A1    4.18 3-25-2033   95,385 95,762
Bear Stearns Asset Backed Securities Series 2002-2 Class A1 (1 Month LIBOR +0.66%) ±   0.77 10-25-2032   71,550 71,309
CVS Pass-Through Trust Series T    6.04 12-10-2028   344,079 380,561
Five Guys Funding LLC Series 17-1A Class A2 144A   4.60 7-25-2047   992,500 1,015,627
Mesa Trust Asset Backed Certificates Series 2001-5 Class A (1 Month LIBOR +0.80%) 144A±   0.91 12-25-2031   3,210 3,205
Montana Higher Education Student Assistance Corporation Series 2012-1 Class A2 (1 Month LIBOR +1.00%) ±   1.10 5-20-2030   131,549 131,868
PFS Financing Corporation Series 2021-A Class A 144A   0.71 4-15-2026   1,000,000 978,569
Student Loan Consolidation Center Series 2011-1 Class A (1 Month LIBOR +1.22%) 144A±   1.33 10-25-2027   9,605 9,608
Total Asset-backed securities (Cost $3,890,954)           3,854,020
    
See accompanying notes to portfolio of investments
Allspring Multi-Sector Income Fund  |  1
Portfolio of investments—January 31, 2022 (unaudited)
        Shares Value
Common stocks: 0.98%            
Energy: 0.56%            
Energy equipment & services: 0.32%            
Bristow Group Incorporated †                  33,364 $   1,096,007
Oil, gas & consumable fuels: 0.24%            
Denbury Incorporated †                  10,597      796,259
Financials: 0.42%            
Mortgage REITs: 0.42%            
Blackstone Mortgage Trust Incorporated Class A                   14,944      469,540
Ladder Capital Corporation                   41,398      492,222
Starwood Property Trust Incorporated                   18,508      458,073
               1,419,835
Total Common stocks (Cost $2,151,165)              3,312,101
    
    Interest
rate 		Maturity
date 		Principal  
Corporate bonds and notes: 68.17%            
Communication services: 11.73%            
Diversified telecommunication services: 0.73%            
Cablevision Lightpath LLC 144A   5.63% 9-15-2028 $         140,000      133,629
Cablevision Lightpath LLC 144A   3.88 9-15-2027           160,000      150,026
Level 3 Financing Incorporated 144A   3.63 1-15-2029           425,000      386,750
Level 3 Financing Incorporated 144A   4.25 7-1-2028           375,000      357,769
Zayo Group Holdings Incorporated 144A   6.13 3-1-2028         1,525,000    1,438,685
               2,466,859
Entertainment: 1.07%            
Live Nation Entertainment Incorporated 144A   3.75 1-15-2028           870,000      839,550
Live Nation Entertainment Incorporated 144A   5.63 3-15-2026           528,000      537,240
Live Nation Entertainment Incorporated 144A   6.50 5-15-2027         1,025,000    1,103,228
Seaworld Parks & Entertainment 144A   5.25 8-15-2029         1,165,000    1,135,071
               3,615,089
Interactive media & services: 0.46%            
Rackspace Technology Company 144A   5.38 12-1-2028         1,665,000    1,552,613
Media: 9.06%            
CCO Holdings LLC 144A   4.25 1-15-2034           530,000      490,383
CCO Holdings LLC 144A   4.50 8-15-2030         3,000,000    2,925,000
CCO Holdings LLC    4.50 5-1-2032           250,000      240,938
CCO Holdings LLC 144A   5.00 2-1-2028           150,000      151,830
CCO Holdings LLC 144A   5.13 5-1-2027           450,000      461,273
Charter Communications Operating LLC    5.05 3-30-2029           675,000      744,351
Cinemark USA Incorporated 144A   5.25 7-15-2028   1,650,000 1,563,375
Cinemark USA Incorporated 144A   5.88 3-15-2026   420,000 412,650
Cinemark USA Incorporated 144A   8.75 5-1-2025   385,000 403,769
Clear Channel Outdoor Holdings 144A   5.13 8-15-2027   435,000 435,000
Clear Channel Outdoor Holdings 144A   7.75 4-15-2028   550,000 570,625
Compression Partners LP    6.88 9-1-2027   65,000 66,749
Covert Mergeco Incorporated 144A   4.88 12-1-2029   820,000 814,588
CSC Holdings LLC 144A   4.13 12-1-2030   865,000 791,639
See accompanying notes to portfolio of investments
2  |  Allspring Multi-Sector Income Fund
Portfolio of investments—January 31, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Media (continued)            
CSC Holdings LLC 144A   4.63% 12-1-2030 $         625,000 $     556,250
CSC Holdings LLC 144A   5.38 2-1-2028           425,000      426,250
CSC Holdings LLC 144A   5.75 1-15-2030         4,025,000    3,792,677
DIRECTV Holdings LLC 144A   5.75 12-1-2028         1,280,000    1,224,857
DIRECTV Holdings LLC 144A   5.88 8-15-2027           740,000      742,738
DISH DBS Corporation    7.75 7-1-2026           340,000      349,897
Gray Escrow II Incorporated 144A   5.38 11-15-2031         1,410,000    1,390,253
Gray Television Incorporated 144A   4.75 10-15-2030         1,850,000    1,773,549
Lamar Media Corporation    4.00 2-15-2030           250,000      240,000
Nexstar Broadcasting Incorporated 144A   4.75 11-1-2028           450,000      444,699
Nexstar Broadcasting Incorporated 144A   5.63 7-15-2027         1,225,000    1,255,625
Nielsen Finance LLC 144A   5.63 10-1-2028         1,255,000    1,252,992
Nielsen Finance LLC 144A   5.88 10-1-2030         1,545,000    1,547,827
Outfront Media Capital Corporation 144A   4.63 3-15-2030           675,000      646,313
Outfront Media Capital Corporation 144A   5.00 8-15-2027            50,000       49,610
QVC Incorporated   4.75 2-15-2027         1,260,000    1,199,470
Salem Media Group Incorporated 144A   6.75 6-1-2024           845,000      840,775
Scripps Escrow II Incorporated 144A   5.38 1-15-2031           790,000      781,413
Scripps Escrow II Incorporated 144A   5.88 7-15-2027           100,000      102,000
Scripps Escrow II Incorporated 144A   3.88 1-15-2029           170,000      162,241
Townsquare Media Incorporated 144A   6.88 2-1-2026         1,765,000    1,833,005
              30,684,611
Wireless telecommunication services: 0.41%            
Consolidated Communications Holdings Incorporated 144A   6.50 10-1-2028   550,000 566,335
Sprint Spectrum Company 144A   5.15 9-20-2029   750,000 817,500
            1,383,835
Consumer discretionary: 7.32%            
Auto components: 1.04%            
Allison Transmission Incorporated 144A   5.88 6-1-2029   240,000 252,821
Clarios Global LP 144A   6.25 5-15-2026   305,000 315,294
Clarios Global LP 144A   6.75 5-15-2025   45,000 46,688
Cooper Tire & Rubber Company   7.63 3-15-2027   1,710,000 1,951,538
Tenneco Incorproated 144A   5.13 4-15-2029   1,020,000 944,683
            3,511,024
Automobiles: 0.18%            
Ford Motor Company    3.25 2-12-2032   645,000 613,614
Diversified consumer services: 0.64%            
Service Corporation International   7.50 4-1-2027   1,845,000 2,167,875
Hotels, restaurants & leisure: 3.38%            
Carnival Corporation 144A   10.50 2-1-2026   325,000 364,975
Carnival Corporation 144A   4.00 8-1-2028   760,000 722,973
Carnival Corporation 144A   6.00 5-1-2029   640,000 615,680
Carnival Corporation 144A   7.63 3-1-2026   1,165,000 1,188,300
Carnival Corporation 144A   9.88 8-1-2027   425,000 476,531
CCM Merger Incorporated 144A   6.38 5-1-2026   2,240,000 2,318,400
NCL Corporation Limited 144A   5.88 3-15-2026   910,000 866,775
NCL Corporation Limited 144A   12.25 5-15-2024   1,138,000 1,325,429
Royal Caribbean Cruises Limited 144A   5.38 7-15-2027   130,000 125,632
See accompanying notes to portfolio of investments
Allspring Multi-Sector Income Fund  |  3
Portfolio of investments—January 31, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Hotels, restaurants & leisure (continued)            
Royal Caribbean Cruises Limited 144A   5.50% 8-31-2026 $         345,000 $     336,375
Royal Caribbean Cruises Limited 144A   5.50 4-1-2028           680,000      659,797
Royal Caribbean Cruises Limited 144A   9.13 6-15-2023         1,400,000    1,474,900
Royal Caribbean Cruises Limited 144A   10.88 6-1-2023           525,000      562,118
Six Flags Entertainment Company 144A   5.50 4-15-2027           400,000      403,000
              11,440,885
Household durables: 0.55%            
Allied Universal Holdco LLC 144A   6.63 7-15-2026           600,000      616,119
WASH Multifamily Acquisition Incorporated 144A   5.75 4-15-2026         1,240,000    1,255,500
               1,871,619
Multiline retail: 0.22%            
Nordstrom Incorporated    4.00 3-15-2027           750,000      724,590
Specialty retail: 1.17%            
Asbury Automotive Group Incorporated   4.75 3-1-2030           406,000      400,093
GAP Incorporated 144A   3.88 10-1-2031           485,000      450,090
Group 1 Automotive Incorporated 144A   4.00 8-15-2028           620,000      593,383
Lithia Motors Incorporated 144A   3.88 6-1-2029           390,000      383,175
Lithia Motors Incorporated 144A   4.63 12-15-2027           150,000      153,750
NMG Holding Company Incorporated 144A   7.13 4-1-2026           665,000      684,957
Rent-A-Center Incorporated 144A   6.38 2-15-2029         1,250,000    1,284,375
               3,949,823
Textiles, apparel & luxury goods: 0.14%            
G-III Apparel Group Limited 144A   7.88 8-15-2025           460,000      485,300
Consumer staples: 0.49%            
Food products: 0.49%            
CHS Incorporated 144A%%   5.25 5-15-2030   400,000 398,280
CHS Incorporated 144A   6.00 1-15-2029   40,000 40,736
CHS Incorporated 144A   6.88 4-15-2029   1,230,000 1,216,163
            1,655,179
Energy: 14.11%            
Energy equipment & services: 2.95%            
Bristow Group Incorporated 144A   6.88 3-1-2028   2,350,000 2,367,625
Hilcorp Energy Company 144A   5.75 2-1-2029   270,000 275,400
Hilcorp Energy Company 144A   6.00 2-1-2031   300,000 304,500
Hilcorp Energy Company 144A   6.25 11-1-2028   350,000 363,125
Oceaneering International Incorporated   4.65 11-15-2024   450,000 452,867
Oceaneering International Incorporated   6.00 2-1-2028   1,580,000 1,581,833
Pattern Energy Operations LP 144A   4.50 8-15-2028   2,890,000 2,898,843
USA Compression Partners LP    6.88 4-1-2026   970,000 984,919
W.R. Grace Holdings LLC 144A   5.63 8-15-2029   780,000 752,700
            9,981,812
Oil, gas & consumable fuels: 11.16%            
Aethon United 144A   8.25 2-15-2026   1,225,000 1,290,084
Antero Resources Corporation 144A   5.38 3-1-2030   590,000 610,532
Antero Resources Corporation 144A   8.38 7-15-2026   120,000 133,841
See accompanying notes to portfolio of investments
4  |  Allspring Multi-Sector Income Fund
Portfolio of investments—January 31, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Oil, gas & consumable fuels (continued)            
Apache Corporation   4.38% 10-15-2028 $         750,000 $     775,995
Archrock Partners LP 144A   6.25 4-1-2028           590,000      592,336
Archrock Partners LP 144A   6.88 4-1-2027           500,000      512,825
Boardwalk Pipelines LP    4.80 5-3-2029           750,000      821,196
Buckeye Partners LP    5.85 11-15-2043         1,125,000    1,029,206
Cheniere Energy Partners LP 144A   3.25 1-31-2032           800,000      752,464
Cheniere Energy Partners LP    4.50 10-1-2029           400,000      408,888
Cheniere Energy Partners LP 144A   5.50 6-15-2031         1,550,000    1,544,777
DCP Midstream Operating Company   5.13 5-15-2029           525,000      556,500
DT Midstream Incorporated 144A   4.13 6-15-2029           300,000      295,947
DT Midstream Incorporated 144A   4.38 6-15-2031           720,000      711,000
Encino Acquisition Partners Company 144A   8.50 5-1-2028         2,345,000    2,371,381
EnLink Midstream Partners LP    5.05 4-1-2045         1,025,000      878,425
EnLink Midstream Partners LP    5.38 6-1-2029         2,050,000    2,068,860
EnLink Midstream Partners LP    5.60 4-1-2044           750,000      678,750
EnLink Midstream Partners LP 144A   5.63 1-15-2028           170,000      174,539
Enviva Partners LP 144A   6.50 1-15-2026         2,250,000    2,324,543
Harvest Midstream LP 144A   7.50 9-1-2028           760,000      791,517
Kinder Morgan Energy Partners LP    3.95 9-1-2022           750,000      757,843
Murphy Oil Corporation   5.75 8-15-2025           185,000      187,775
Murphy Oil Corporation   5.88 12-1-2027           150,000      152,222
Murphy Oil Corporation   6.38 7-15-2028         1,230,000    1,272,164
Nabors Industries Incorporated 144A   7.38 5-15-2027           575,000      590,031
Nabors Industries Limited 144A   9.00 2-1-2025   78,000 80,730
Nabors Industries Limited 144A   7.25 1-15-2026   400,000 383,000
New Fortress Energy Incorporated 144A   6.50 9-30-2026   1,815,000 1,697,025
Occidental Petroleum Corporation   4.63 6-15-2045   1,825,000 1,767,969
Occidental Petroleum Corporation   6.20 3-15-2040   425,000 491,938
Occidental Petroleum Corporation   6.45 9-15-2036   3,190,000 3,874,893
Phillips 66    4.30 4-1-2022   312,000 313,905
Plains All American Pipeline LP    3.85 10-15-2023   750,000 773,014
Rockies Express Pipeline LLC 144A   6.88 4-15-2040   1,265,000 1,340,900
Rockies Express Pipeline LLC 144A   7.50 7-15-2038   240,000 259,200
Southwestern Energy Company   4.75 2-1-2032   370,000 369,375
Southwestern Energy Company   7.75 10-1-2027   975,000 1,038,697
Southwestern Energy Company   8.38 9-15-2028   650,000 713,180
Tallgrass Energy Partners LP 144A   6.00 12-31-2030   785,000 749,675
Tallgrass Energy Partners LP 144A   6.00 9-1-2031   370,000 352,499
Veture Global LNG Incorporated 144A   3.88 11-1-2033   180,000 178,106
Western Midstream Operating LP    5.30 3-1-2048   1,000,000 1,105,000
            37,772,747
Financials: 13.41%            
Banks: 0.60%            
Citigroup Incorporated (U.S. SOFR +3.23%) ʊ±   4.70 1-30-2025   750,000 750,975
City National Bank   5.38 7-15-2022   500,000 510,860
JPMorgan Chase & Company (3 Month LIBOR +3.25%) ±   5.15 12-29-2049   750,000 766,583
            2,028,418
See accompanying notes to portfolio of investments
Allspring Multi-Sector Income Fund  |  5
Portfolio of investments—January 31, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Capital markets: 0.61%            
Coinbase Global Incorporated 144A   3.63% 10-1-2031 $         945,000 $     823,331
Oppenheimer Holdings Incorporated    5.50 10-1-2025         1,200,000    1,248,000
               2,071,331
Consumer finance: 5.46%            
Acuris Finance U.S. Incorporated 144A   5.00 5-1-2028           450,000      430,313
Discover Financial Services   5.20 4-27-2022           750,000      758,262
FirstCash Incorporated 144A   5.63 1-1-2030           545,000      544,717
FirstCash Incorporated 144A   4.63 9-1-2028           445,000      429,073
Ford Motor Credit Company LLC    4.00 11-13-2030           590,000      593,080
Ford Motor Credit Company LLC    4.39 1-8-2026         1,450,000    1,493,500
Ford Motor Credit Company LLC    5.11 5-3-2029         2,175,000    2,327,903
Ford Motor Credit Company LLC    5.13 6-16-2025           225,000      236,531
LFS Topco LLC 144A   5.88 10-15-2026           440,000      450,358
Navient Corporation   5.00 3-15-2027         1,215,000    1,176,630
Navient Corporation   5.50 3-15-2029           915,000      892,857
Navient Corporation   5.63 8-1-2033           825,000      738,977
PECF USS Intermediate Holding III Corporation 144A   8.00 11-15-2029           835,000      843,350
PRA Group Incorporated 144A   5.00 10-1-2029         1,530,000    1,510,875
PROG Holdings Incorporated 144A   6.00 11-15-2029           530,000      519,437
Rocket Mortgage LLC 144A   2.88 10-15-2026           965,000      917,681
Rocket Mortgage LLC 144A   4.00 10-15-2033           830,000      776,631
Springleaf Finance Corporation   5.38 11-15-2029         1,100,000    1,116,885
Springleaf Finance Corporation   6.13 3-15-2024           750,000      785,700
Springleaf Finance Corporation   6.63 1-15-2028   100,000 107,336
Springleaf Finance Corporation   7.13 3-15-2026   925,000 1,016,884
Synchrony Financial   5.15 3-19-2029   750,000 837,130
            18,504,110
Diversified financial services: 1.23%            
Hat Holdings LLC 144A   3.38 6-15-2026   630,000 606,375
Jefferies Finance LLC 144A   5.00 8-15-2028   875,000 864,868
LPL Holdings Incorporated 144A   4.38 5-15-2031   1,220,000 1,195,685
United Shore Financial Services LLC 144A   5.50 11-15-2025   1,550,000 1,501,214
            4,168,142
Insurance: 3.39%            
Amwins Group Incorporated 144A   4.88 6-30-2029   1,240,000 1,213,650
Assurant Incorporated   3.70 2-22-2030   750,000 776,501
Brighthouse Financial Incorporated   4.70 6-22-2047   850,000 855,866
Broadstreet Partners Incorporated 144A   5.88 4-15-2029   1,570,000 1,496,995
Enact Holdings Incorporated 144A   6.50 8-15-2025   2,195,000 2,322,705
HUB International Limited 144A   5.63 12-1-2029   350,000 343,875
Liberty Mutual Group Incorporated 144A   4.57 2-1-2029   750,000 844,843
MetLife Incorporated   6.40 12-15-2066   1,000,000 1,192,127
Prudential Financial Incorporated (3 Month LIBOR +2.38%) ±   4.50 9-15-2047   750,000 765,797
Ryan Specialty Group LLC 144A%%   4.38 2-1-2030   200,000 199,000
Sammons Financial Group Incorporated 144A   4.45 5-12-2027   750,000 806,866
W.R. Berkley Corporation   4.63 3-15-2022   650,000 653,033
            11,471,258
See accompanying notes to portfolio of investments
6  |  Allspring Multi-Sector Income Fund
Portfolio of investments—January 31, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Mortgage REITs: 0.79%            
Blackstone Mortgage Trust Incorporated 144A   3.75% 1-15-2027 $         300,000 $     287,250
Starwood Property Trust Incorporated 144A   4.38 1-15-2027           900,000      896,823
Starwood Property Trust Incorporated   4.75 3-15-2025           755,000      771,988
Starwood Property Trust Incorporated 144A   5.50 11-1-2023           690,000      711,563
               2,667,624
Thrifts & mortgage finance: 1.33%            
Ladder Capital Finance Holdings LP 144A   4.25 2-1-2027         1,080,000    1,051,423
Ladder Capital Finance Holdings LP 144A   4.75 6-15-2029         1,070,000    1,047,166
Ladder Capital Finance Holdings LP 144A   5.25 10-1-2025         1,120,000    1,125,600
United Wholesale Mortgage LLC 144A   5.50 4-15-2029         1,395,000    1,277,681
               4,501,870
Health care: 2.85%            
Health care equipment & supplies: 0.44%            
Avantor Funding Incorporated 144A   3.88 11-1-2029           365,000      350,400
Mozart Debt Merger Sub Incorporated 144A   5.25 10-1-2029         1,175,000    1,142,688
               1,493,088
Health care providers & services: 2.33%            
180 Medical Incorporated 144A   3.88 10-15-2029           475,000      461,938
AdaptHealth LLC 144A   4.63 8-1-2029           240,000      228,000
Air Methods Corporation 144A   8.00 5-15-2025         1,850,000    1,503,125
CommonSpirit Health   3.82 10-1-2049           750,000      812,774
Davita Incorporated 144A   4.63 6-1-2030         1,325,000    1,289,079
Encompass Health Corporation   4.50 2-1-2028           150,000      149,625
Encompass Health Corporation   4.75 2-1-2030   175,000 172,813
Encompass Health Corporation    4.63 4-1-2031   175,000 171,645
HealthSouth Corporation   5.75 9-15-2025   575,000 580,750
Select Medical Corporation 144A   6.25 8-15-2026   1,320,000 1,356,722
Tenet Healthcare Corporation 144A   4.88 1-1-2026   775,000 778,503
Tenet Healthcare Corporation 144A   7.50 4-1-2025   150,000 156,266
Vizient Incorporated 144A   6.25 5-15-2027   236,000 241,900
            7,903,140
Pharmaceuticals: 0.08%            
Bausch Health Companies Incorporated 144A%%   6.13 2-1-2027   265,000 265,994
Industrials: 6.66%            
Aerospace & defense: 0.80%            
Spirit AeroSystems Holdings Incorporated 144A   5.50 1-15-2025   305,000 312,625
Spirit AeroSystems Holdings Incorporated 144A   7.50 4-15-2025   370,000 383,760
TransDigm Group Incorporated   4.88 5-1-2029   880,000 844,892
TransDigm Group Incorporated 144A   6.25 3-15-2026   575,000 593,688
TransDigm Group Incorporated    7.50 3-15-2027   550,000 570,730
            2,705,695
Airlines: 1.85%            
American Airlines Group Incorporated 144A   5.75 4-20-2029   2,155,000 2,206,181
Hawaiian Airlines Incorporated   3.90 7-15-2027   813,223 796,124
See accompanying notes to portfolio of investments
Allspring Multi-Sector Income Fund  |  7
Portfolio of investments—January 31, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Airlines (continued)            
Hawaiian Brand Intellectual Property Limited 144A   5.75% 1-20-2026 $       2,370,000 $   2,423,752
United Airlines Incorporated 144A   4.63 4-15-2029           850,000      841,050
               6,267,107
Commercial services & supplies: 0.82%            
CoreCivic Incorporated   8.25 4-15-2026         1,520,000    1,588,400
IAA Spinco Incorporated 144A   5.50 6-15-2027         1,150,000    1,180,199
               2,768,599
Construction & engineering: 0.47%            
Great Lakes Dredge & Dock Company 144A   5.25 6-1-2029         1,565,000    1,600,213
Machinery: 1.05%            
Meritor Incorporated 144A   4.50 12-15-2028           600,000      584,100
Stevens Holding Company Incorporated 144A   6.13 10-1-2026         1,425,000    1,487,344
Werner FinCo LP 144A   8.75 7-15-2025         1,445,000    1,488,350
               3,559,794
Road & rail: 0.71%            
Uber Technologies Incorporated 144A   4.50 8-15-2029           725,000      703,250
Uber Technologies Incorporated 144A   8.00 11-1-2026         1,600,000    1,696,656
               2,399,906
Trading companies & distributors: 0.96%            
Fortress Transportation & Infrastructure Investors LLC 144A   5.50 5-1-2028         1,915,000    1,853,241
Fortress Transportation & Infrastructure Investors LLC 144A   6.50 10-1-2025         1,140,000    1,171,042
Fortress Transportation & Infrastructure Investors LLC 144A   9.75 8-1-2027           200,000      219,000
               3,243,283
Information technology: 4.14%            
Communications equipment: 0.66%            
CIENA Corporation 144A   4.00 1-31-2030   250,000 247,500
CommScope Technologies LLC 144A   5.00 3-15-2027   1,115,000 992,941
CommScope Technologies LLC 144A   8.25 3-1-2027   1,025,000 1,002,840
            2,243,281
Electronic equipment, instruments &
components: 0.20% 		           
Keysight Technologies   4.60 4-6-2027   600,000 662,933
IT services: 0.89%            
Sabre GLBL Incorporated 144A   9.25 4-15-2025   2,699,000 3,031,139
Semiconductors & semiconductor
equipment: 0.28% 		           
Broadcom Corporation   3.50 1-15-2028   750,000 776,647
QORVO Incorporated    4.38 10-15-2029   175,000 180,906
            957,553
See accompanying notes to portfolio of investments
8  |  Allspring Multi-Sector Income Fund
Portfolio of investments—January 31, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Software: 1.63%            
IQVIA Incorporated 144A   5.00% 5-15-2027 $         250,000 $     255,675
MPH Acquisition Holdings LLC 144A   5.50 9-1-2028           640,000      614,560
MPH Acquisition Holdings LLC 144A   5.75 11-1-2028         2,305,000    2,073,878
NCR Corporation 144A   5.13 4-15-2029           195,000      194,573
NCR Corporation 144A   6.13 9-1-2029         1,000,000    1,051,050
SS&C Technologies Incorporated 144A   5.50 9-30-2027           500,000      516,360
VMware Incorporated   3.90 8-21-2027           750,000      796,737
               5,502,833
Technology hardware, storage & peripherals: 0.48%            
Dell International LLC    6.02 6-15-2026           750,000      851,179
Hewlett-Packard Company   4.05 9-15-2022           750,000      765,979
               1,617,158
Materials: 2.78%            
Chemicals: 0.40%            
Chemours Company 144A   4.63 11-15-2029           950,000      904,875
Olympus Water US Holding Corporation 144A   4.25 10-1-2028           450,000      429,732
               1,334,607
Containers & packaging: 1.24%            
Ball Corporation   2.88 8-15-2030         2,725,000    2,527,438
Berry Global Incorporated 144A   5.63 7-15-2027           175,000      180,154
Crown Cork & Seal Company Incorporated   7.38 12-15-2026           750,000      870,000
Owens-Brockway Packaging Incorporated 144A   6.38 8-15-2025           600,000      634,500
               4,212,092
Metals & mining: 0.79%            
Arches Buyer Incorporated 144A   4.25 6-1-2028   800,000 755,432
Arches Buyer Incorporated 144A   6.13 12-1-2028   405,000 393,356
Cleveland-Cliffs Incorporated 144A   4.88 3-1-2031   700,000 686,000
Cleveland-Cliffs Incorporated   5.88 6-1-2027   540,000 558,862
Indalex Holdings Corporation ♦†   11.50 2-1-2014   2,990,596 0
Kaiser Aluminum Corporation 144A   4.63 3-1-2028   300,000 287,796
            2,681,446
Paper & forest products: 0.35%            
Clearwater Paper Corporation 144A   5.38 2-1-2025   350,000 368,375
Clearwater Paper Corporation 144A   4.75 8-15-2028   115,000 114,713
Vertical US Newco Incorporated 144A   5.25 7-15-2027   675,000 683,438
            1,166,526
Real estate: 2.46%            
Equity REITs: 2.46%            
Iron Mountain Incorporated 144A   4.50 2-15-2031   1,625,000 1,540,809
Iron Mountain Incorporated 144A   5.25 7-15-2030   1,505,000 1,494,390
Omega HealthCare Investors Incorporated   4.50 4-1-2027   600,000 648,831
Service Properties Trust Company   3.95 1-15-2028   385,000 338,800
Service Properties Trust Company   4.75 10-1-2026   545,000 506,523
Service Properties Trust Company   4.95 2-15-2027   2,260,000 2,101,800
See accompanying notes to portfolio of investments
Allspring Multi-Sector Income Fund  |  9
Portfolio of investments—January 31, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Equity REITs (continued)            
Service Properties Trust Company   7.50% 9-15-2025 $       1,000,000 $   1,053,830
SITE Centers Corporation   4.70 6-1-2027           600,000      652,123
               8,337,106
Utilities: 2.22%            
Electric utilities: 0.64%            
NextEra Energy Operating Partners LP 144A   4.25 9-15-2024            16,000       16,500
NextEra Energy Operating Partners LP 144A   4.50 9-15-2027         1,250,000    1,265,625
PG&E Corporation   5.00 7-1-2028           100,000      100,000
PG&E Corporation   5.25 7-1-2030           800,000      793,144
               2,175,269
Independent power & renewable electricity
producers: 1.58% 		           
NSG Holdings LLC 144A   7.75 12-15-2025         1,732,133    1,836,061
TerraForm Power Operating LLC 144A   4.25 1-31-2023           500,000      502,670
TerraForm Power Operating LLC 144A   4.75 1-15-2030           800,000      804,160
TerraForm Power Operating LLC 144A   5.00 1-31-2028           675,000      683,438
Vistra Operations Company LLC 144A   5.63 2-15-2027         1,500,000    1,530,045
               5,356,374
Total Corporate bonds and notes (Cost $230,566,956)            230,775,364
Foreign corporate bonds and notes: 8.21%            
Financials: 8.21%            
Banks: 8.21%            
European Investment Bank   2.85 12-13-2022 BRL       9,200,000    1,616,662
European Investment Bank   8.00 5-5-2027 ZAR      21,000,000    1,412,752
European Investment Bank   8.38 7-29-2022 ZAR 40,000,000 2,631,859
European Investment Bank   8.75 8-18-2025 ZAR 20,000,000 1,381,653
International Bank for Reconstruction & Development   5.75 1-14-2028 BRL 15,000,000 2,221,766
International Bank for Reconstruction & Development %%   6.75 2-9-2029 ZAR 60,000,000 3,800,534
International Bank for Reconstruction & Development   7.00 6-7-2023 ZAR 15,000,000 985,247
International Bank for Reconstruction & Development   8.25 6-22-2023 BRL 9,000,000 1,623,868
International Bank for Reconstruction & Development %%   9.50 2-9-2029 BRL 22,000,000 3,985,322
International Finance Corporation   7.50 5-9-2022 BRL 5,000,000 932,280
International Finance Corporation   7.50 5-9-2022 BRL 4,000,000 745,824
International Finance Corporation   8.25 1-30-2023 BRL 9,000,000 1,637,596
KfW    7.50 11-10-2022 ZAR 36,000,000 2,362,327
Landwirtschaftliche Rentenbank   8.25 5-23-2022 ZAR 15,000,000 980,904
The Asian Development Bank   6.00 2-5-2026 BRL 9,000,000 1,467,328
            27,785,922
Total Foreign corporate bonds and notes (Cost $30,995,454)           27,785,922
See accompanying notes to portfolio of investments
10  |  Allspring Multi-Sector Income Fund
Portfolio of investments—January 31, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Foreign government bonds: 21.38%            
China Government Bond    3.02% 5-27-2031 CNY      14,700,000 $   2,360,300
China Government Bond    3.03 3-11-2026 CNY      14,400,000    2,314,849
Colombia    6.25 11-26-2025 COP  15,000,000,000    3,565,810
Colombia    7.50 8-26-2026 COP  22,725,000,000    5,557,624
India    7.27 4-8-2026 INR      60,000,000      836,772
India    7.32 1-28-2024 INR     710,000,000    9,902,751
Indonesia    7.00 9-15-2030 IDR 115,000,000,000    8,219,997
Indonesia   5.50 4-15-2026 IDR  30,000,000,000    2,102,628
Mexico    7.75 5-29-2031 MXN      85,000,000    4,135,777
Mexico    8.50 5-31-2029 MXN     208,500,000   10,609,969
Romania    3.65 9-24-2031 RON      26,500,000    5,170,498
Romania    5.00 2-12-2029 RON      20,000,000    4,486,096
Russia    6.50 2-28-2024 RUB     390,000,000    4,773,572
Russia    6.90 5-23-2029 RUB     400,000,000    4,525,748
Russia    7.65 4-10-2030 RUB     325,000,000    3,810,881
Total Foreign government bonds (Cost $80,429,910)             72,373,272
Loans: 19.94%            
Communication services: 2.06%            
Diversified telecommunication services: 0.48%            
Intelsat Jackson Holdings SA (U.S. SOFR +4.25%) <±   4.75 1-26-2029 $       1,620,000    1,611,090
Media: 1.08%            
DIRECTV Financing LLC (1 Month LIBOR +5.00%) <±   5.75 8-2-2027         1,539,563    1,540,532
Hubbard Radio LLC (3 Month LIBOR +4.25%) ‡±   5.25 3-28-2025         2,098,426    2,106,295
            3,646,827
Wireless telecommunication services: 0.50%            
Connect U.S. Finco LLC (1 Month LIBOR +3.50%) ±   4.50 12-11-2026   859,688 858,923
Consolidated Communications Holdings Incorporated (1 Month LIBOR +3.50%) ±   4.25 10-2-2027   848,000 845,083
            1,704,006
Consumer discretionary: 1.77%            
Auto components: 0.53%            
Clarios Global LP (1 Month LIBOR +3.25%) ±   3.36 4-30-2026   190,172 189,078
Truck Hero Incorporated (1 Month LIBOR +3.25%) ±   4.00 1-31-2028   1,587,005 1,581,958
            1,771,036
Distributors: 0.74%            
Spin Holdco Incorporated (1 Month LIBOR +4.00%) ±   4.75 3-4-2028   2,514,215 2,511,927
Household durables: 0.23%            
Wilsonart LLC (1 Month LIBOR +3.50%) ±   4.50 12-19-2026   789,038 786,939
See accompanying notes to portfolio of investments
Allspring Multi-Sector Income Fund  |  11
Portfolio of investments—January 31, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Specialty retail: 0.27%            
Great Outdoors Group LLC (1 Month LIBOR +3.75%) ±   4.50% 3-6-2028 $         416,428 $     415,995
Rent-A-Center Incorporated (1 Month LIBOR +3.25%) ±   3.75 2-17-2028           491,288      489,239
                 905,234
Consumer staples: 0.05%            
Beverages: 0.05%            
Naked Juice LLC (U.S. SOFR +3.25%) <±   3.75 1-19-2029           156,000      155,721
Naked Juice LLC (U.S. SOFR +3.25%) <±   3.75 1-24-2029             9,000        8,984
                 164,705
Energy: 1.73%            
Oil, gas & consumable fuels: 1.73%            
AL NGPL Holdings LLC (1 Month LIBOR +3.75%) ±   4.75 4-14-2028           735,716      734,186
Apergy Corporation (1 Month LIBOR +5.00%) <±   6.00 6-3-2027         2,304,224    2,331,114
GIP II Blue Holdings LP (1 Month LIBOR +4.50%) ±   5.50 9-29-2028         1,012,463    1,011,450
NorthRiver Midstream Finance LP (3 Month LIBOR +3.25%) ±   3.46 10-1-2025           914,828      912,284
Prairie ECI Acquiror LP (3 Month LIBOR +4.75%) ±   4.86 3-11-2026           900,000      879,471
               5,868,505
Financials: 3.43%            
Diversified financial services: 1.95%            
Mallinckrodt International Finance SA (3 Month LIBOR +5.25%) ±   6.00 9-24-2024         1,577,755    1,473,229
Resolute Investment Managers Incorporated (1 Month LIBOR +4.25%) ‡±   5.25 4-30-2024         2,500,150    2,495,474
Resolute Investment Managers Incorporated (1 Month LIBOR +8.00%) ‡±   9.00 4-30-2025           923,070      927,685
Russell Investments US Institutional Holdco Incorporated (1 Month LIBOR +3.00%) ±   4.50 5-30-2025         1,721,259    1,718,384
               6,614,772
Insurance: 1.22%            
AssuredPartners Incorporated (U.S. SOFR +3.50%) <±   4.00 2-12-2027   275,000 274,313
Asurion LLC (1 Month LIBOR +5.25%) <±   5.36 1-31-2028   2,250,000 2,251,868
Asurion LLC (1 Month LIBOR +5.25%) ±   5.36 1-20-2029   350,000 350,221
HUB International Limited (1 Month LIBOR +3.25%) ±   4.00 4-25-2025   1,241,864 1,238,970
            4,115,372
Mortgage REITs: 0.26%            
Claros Mortgage Trust Incoporated (U.S. SOFR +4.50%) ‡±   5.00 8-9-2026   865,000 866,081
See accompanying notes to portfolio of investments
12  |  Allspring Multi-Sector Income Fund
Portfolio of investments—January 31, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Health care: 2.11%            
Health care equipment & supplies: 0.45%            
Surgery Center Holdings Incorporated (1 Month LIBOR +3.75%) ±   4.50% 8-31-2026 $       1,521,819 $   1,519,065
Health care providers & services: 0.60%            
Medrisk Incorporated (1 Month LIBOR +3.75%) ±   4.50 5-10-2028           778,050      776,937
National Mentor Holdings Incorporated (1 Month LIBOR +3.75%) <±   3.75 3-2-2028            17,522       17,322
National Mentor Holdings Incorporated (1 Month LIBOR +3.75%) <±   4.50 3-2-2028           375,644      371,365
National Mentor Holdings Incorporated (1 Month LIBOR +3.75%) <±   4.50 3-2-2028            11,887       11,752
Padagis LLC (1 Month LIBOR +4.75%) ‡±   5.25 7-6-2028           381,176      379,987
Press Ganey Holdings Incorporated (1 Month LIBOR +3.75%) ‡±   4.50 7-24-2026           467,650      467,945
               2,025,308
Health care technology: 0.85%            
athenahealth Incorporated (U.S. SOFR +3.50%) <±   4.00 1-26-2029           127,588      126,977
athenahealth Incorporated (U.S. SOFR +3.50%) <±   4.00 1-26-2029           752,769      749,163
Change Healthcare Holdings Incorporated (1 Month LIBOR +2.50%) ±   3.50 3-1-2024           434,644      434,101
Project Ruby Ultimate Parent Corporation (1 Month LIBOR +3.25%) ±   4.00 3-3-2028         1,563,188    1,558,060
               2,868,301
Pharmaceuticals: 0.21%            
Bausch Health Companies Incorporated (U.S. SOFR +5.25%) <±   5.75 1-27-2027           735,000      728,797
Industrials: 4.89%            
Aerospace & defense: 0.88%            
Spirit AeroSystems Incorporated (1 Month LIBOR +3.75%) ±   4.25 1-15-2025         2,989,857    2,997,331
Airlines: 1.95%            
AAdvantage Loyalty IP Limited (1 Month LIBOR +4.75%) ±   5.50 4-20-2028         1,920,000    1,990,138
Air Canada (1 Month LIBOR +3.50%) ±   4.25 8-11-2028   200,000 200,416
Mileage Plus Holdings LLC (1 Month LIBOR +5.25%) ±   6.25 6-21-2027   2,885,000 3,042,233
SkyMiles IP Limited (3 Month LIBOR +3.75%) ±   4.75 10-20-2027   910,000 960,168
United Airlines Incorporated (1 Month LIBOR +3.75%) ±   4.50 4-21-2028   401,963 401,794
            6,594,749
Commercial services & supplies: 1.37%            
Allied Universal Holdco LLC (1 Month LIBOR +3.75%) ±   4.25 5-12-2028   793,013 790,499
MIP V Waste Holdings LLC (1 Month LIBOR +3.25%) ‡<±   3.75 12-8-2028   350,000 350,875
See accompanying notes to portfolio of investments
Allspring Multi-Sector Income Fund  |  13
Portfolio of investments—January 31, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Commercial services & supplies (continued)            
Polaris Newco LLC (1 Month LIBOR +4.00%) ±   4.50% 6-2-2028 $       1,900,238 $   1,898,717
Ring Container Technologies (1 Month LIBOR +3.75%) ±   4.27 8-12-2028         1,595,000    1,596,196
               4,636,287
Machinery: 0.69%            
Alliance Laundry Systems LLC (1 Month LIBOR +3.50%) ±   4.25 10-8-2027         1,126,179    1,126,179
Werner FinCo LP (3 Month LIBOR +4.00%) ‡±   5.00 7-24-2024         1,207,390    1,207,390
               2,333,569
Information technology: 1.25%            
Communications equipment: 0.14%            
CommScope Incorporated (3 Month LIBOR +3.25%) ±   3.36 4-6-2026           488,750      479,791
IT services: 0.11%            
Applied Systems Incorporated (1 Month LIBOR +3.00%) ±   3.50 9-19-2024           383,368      382,628
Software: 1.00%            
Emerald Topco Incorporated (1 Month LIBOR +3.50%) ±   3.80 7-24-2026           977,500      971,879
Nexus Buyer LLC (1 Month LIBOR +6.25%) ±   6.75 10-29-2029         1,010,000    1,009,374
Sophia LP (1 Month LIBOR +3.50%) ±   4.00 10-7-2027         1,405,827    1,404,505
               3,385,758
Materials: 1.20%            
Chemicals: 0.24%            
Olympus Water US Holding Corporation (1 Month LIBOR +3.75%) ±   4.25 11-9-2028           800,000      798,504
Containers & packaging: 0.57%            
Flex Acquisition Company Incorporated (3 Month LIBOR +3.00%) ±   3.21 6-29-2025           718,943      714,694
Flex Acquisition Company Incorporated (1 Month LIBOR +3.50%) ±   4.00 3-2-2028           691,288      689,823
Graham Packaging Company Incorporated (1 Month LIBOR +3.00%) ±   3.75 8-4-2027   534,772 532,767
            1,937,284
Paper & forest products: 0.39%            
Clearwater Paper Corporation (1 Month LIBOR +3.00%) ‡±   3.13 7-26-2026   33,333 33,250
Vertical US Newco Incorporated (1 Month LIBOR +3.50%) ±   4.00 7-30-2027   1,303,582 1,303,582
            1,336,832
Real estate: 0.52%            
Equity REITs: 0.52%            
The Geo Group Incorporated (3 Month LIBOR +2.00%) ±   2.11 3-22-2024   1,886,904 1,762,406
See accompanying notes to portfolio of investments
14  |  Allspring Multi-Sector Income Fund
Portfolio of investments—January 31, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Utilities: 0.93%            
Electric utilities: 0.93%            
ExGen Renewables IV LLC (1 Month LIBOR +2.50%) ±   3.50% 12-15-2027 $         750,000 $     748,598
PG&E Corporation (1 Month LIBOR +3.00%) ±   3.50 6-23-2025         2,462,500    2,413,250
               3,161,848
Total Loans (Cost $67,546,008)             67,514,952
Non-agency mortgage-backed securities: 6.20%            
ACE Securities Corporation (1 Month LIBOR +2.63%) ±   2.73 6-25-2033            18,707       18,712
Banc of America Funding Corporation Series 2005 Class 5-1A1    5.50 9-25-2035            91,559       94,254
Banc of America Funding Corporation Series 2005 Class D-A1 ±±   2.72 5-25-2035           147,116      151,642
Banc of America Merrill Lynch Commercial Mortgage Incorporated Series 2017-BNK6 Class D 144A   3.10 7-15-2060         1,000,000      887,318
Banc of America Mortgage Securities Series 2003 Class 1A1 ±±   2.25 4-25-2033           247,288      242,289
Benchmark Mortgage Trust Series 2018-B1 Class A2    3.57 1-15-2051           175,963      178,059
Bluemountain CLO Limited Series 2015-2A Class A1R (3 Month LIBOR +0.93%) 144A±   1.17 7-18-2027           185,885      185,948
Brookside Mill CLO Limited Series 2013 Class 1A (3 Month LIBOR +2.65%) 144A±   2.89 1-17-2028         1,000,000    1,000,000
Centex Home Equity Series 2002-A Class AF6    5.54 1-25-2032             9,125        9,230
Citigroup Commercial Mortgage Trust Series 2012-GC8 Class C 144A±±   4.88 9-10-2045         1,000,000    1,000,181
Citigroup Commercial Mortgage Trust Series 2017-MDRB Class A (1 Month LIBOR +1.10%) 144A±   1.21 7-15-2030           126,890      126,589
Commercial Mortgage Trust Series 2012-CR2 Class C ±±   4.83 8-15-2045         1,000,000      997,220
Commercial Mortgage Trust Series 2012-CR4 Class B 144A   3.70 10-15-2045         1,000,000      905,639
Commercial Mortgage Trust Series 2012-CR5 Class E 144A±±   4.32 12-10-2045         1,000,000      950,116
Commercial Mortgage Trust Series 2012-LC4 Class AM    4.06 12-10-2044           435,648      435,446
Commercial Mortgage Trust Series 2012-LC4 Class C ±±   5.56 12-10-2044           500,000      485,483
Commercial Mortgage Trust Series 2013-LC13 Class D 144A±±   5.26 8-10-2046         1,103,000    1,042,659
Countrywide Home Loans Series 2003-48 Class 2A2 ±±   2.29 10-25-2033   27,607 26,434
Credit Suisse First Boston Mortgage Securities Series 2002-AR25 Class 1A1 ±±   2.04 9-25-2032   252,062 248,510
Credit Suisse First Boston Mortgage Securities Series 2003-AR15 Class 3A1 ±±   2.28 6-25-2033   35,380 36,943
Credit Suisse First Boston Mortgage Securities Series 2003-AR9 Class 2A2 ±±   2.23 3-25-2033   8,109 8,342
Credit Suisse First Boston Mortgage Securities Series 2014-USA Class D 144A   4.37 9-15-2037   750,000 690,479
See accompanying notes to portfolio of investments
Allspring Multi-Sector Income Fund  |  15
Portfolio of investments—January 31, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Non-agency mortgage-backed securities
(continued) 		           
Global Mortgage Securitization Limited Series 2004-A Class A2 (1 Month LIBOR +0.32%) 144A±   0.43% 11-25-2032 $          31,267 $      30,705
Goldman Sachs Mortgage Securities Trust Series 2010-C1 Class X 144A♀±±   0.73 8-10-2043           685,445        4,288
Goldman Sachs Mortgage Securities Trust Series 2012-GCJ7 Class XA ♀±±   1.53 5-10-2045           785,366           86
Goldman Sachs Mortgage Securities Trust Series 2019-GSA1 Class C ±±   3.80 11-10-2052         1,000,000    1,016,857
Goldman Sachs Mortgage Securities Trust Series 2020-DUNE Class D (1 Month LIBOR +1.90%) 144A±   2.01 12-15-2036         1,000,000      992,547
GSAA Home Equity Trust Series 2004-5 Class AF5    4.37 6-25-2034                47           47
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-C6 Class E 144A±±   5.12 5-15-2045           520,000      366,302
JPMorgan Chase Commercial Mortgage Securities Trust Series 2013-C17 Class B ±±   4.89 1-15-2047            50,000       52,079
JPMorgan Mortgage Trust Series 2004-A3 Class 2A1 ±±   2.24 7-25-2034             2,743        2,825
JPMorgan Mortgage Trust Series 2004-A3 Class 3A3 ±±   2.38 7-25-2034            19,190       19,057
JPMorgan Mortgage Trust Series 2005-A3 Class 11A2 ±±   2.49 6-25-2035            76,702       78,085
MASTR Adjustable Rate Mortgage Trust Series 2003-6 Class 3A1 ±±   2.19 12-25-2033            60,920       63,085
MASTR Adjustable Rate Mortgage Trust Series 2003-6 Class 4A2 ±±   3.02 1-25-2034             3,626        3,854
MASTR Adjustable Rate Mortgage Trust Series 2004-13 Class 3A7 ±±   2.73 11-21-2034             4,818        4,866
MASTR Alternative Loans Trust Series 2005-1 Class 5A1    5.50 3-25-2036               442          433
MF1 Multifamily Housing Mortgage Loan Trust Series 2022 Class FL8-C (30 Day Average U.S. SOFR +2.20%) 144A±   2.25 2-19-2037         1,000,000    1,000,620
Mid-State Trust Series 11 Class A1    4.86 7-15-2038           102,810      105,608
MLCC Mortgage Investors Incorporated Series 2003-G Class A2 (6 Month LIBOR +0.68%) ±   0.93 1-25-2029            24,559       24,586
Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5 Class XA 144A♀±±   1.33 8-15-2045         3,160,433        5,550
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C11 Class A4 ±±   4.15 8-15-2046           569,000      581,809
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C7 Class D 144A±±   4.21 2-15-2046           692,000      538,707
Morgan Stanley Capital I Trust Series 2012-C4 Class C 144A±±   5.48 3-15-2045           900,000      897,036
Morgan Stanley Mortgage Loan Trust Series 2004-4 Class 2A ±±   6.38 9-25-2034            16,708       18,140
New Century Home Equity Loan Trust Series 2004-3 Class M1 (1 Month LIBOR +0.93%) ±   1.04 11-25-2034   807,507 803,088
See accompanying notes to portfolio of investments
16  |  Allspring Multi-Sector Income Fund
Portfolio of investments—January 31, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Non-agency mortgage-backed securities
(continued) 		           
Palmer Square Loan Funding Limited Series 2019-2A Class A1 (3 Month LIBOR +0.97%) 144A±   1.22% 4-20-2027 $          81,446 $      81,466
Parallel Limited Series 2021-1A Class D (3 Month LIBOR +3.45%) 144A±   3.69 7-15-2034         1,000,000      997,749
Sequoia Mortgage Trust Series 2003-1 Class 1A (1 Month LIBOR +0.76%) ±   0.86 4-20-2033             4,539        4,457
SFAVE Commercial Mortgage Securities Trust Series 2015-5AVE Class D 144A±±   4.39 1-5-2043         1,000,000      791,353
Sound Point CLO Limited Series 2015-1RA Class BR (3 Month LIBOR +1.55%) 144A±   1.79 4-15-2030         1,000,000      995,067
Structured Adjustable Rate Mortgage Loan Trust Series 2004-2 Class 2A ±±   2.61 3-25-2034            21,352       22,259
Terwin Mortgage Trust Series 2003-6HE Class A3 (1 Month LIBOR +1.14%) ±   1.25 11-25-2033           110,861      110,786
Vendee Mortgage Trust Series 2003-2 Class IO ♀±±   0.55 5-15-2033         1,581,112       26,868
Verus Securitization Trust Series 2021-1 Class A2 144A±±   1.05 1-25-2066           590,251      580,039
Washington Mutual Mortgage Trust Series 2004-RA4 Class 3A    7.50 7-25-2034            63,928       67,295
Westgate Resorts Series 2022-1A Class C 144A   2.49 8-20-2036         1,000,000      993,649
Total Non-agency mortgage-backed securities (Cost $21,967,301)             21,002,741
Yankee corporate bonds and notes: 10.81%            
Communication services: 1.07%            
Diversified telecommunication services: 0.55%            
Intelsat Jackson Holdings SA †   5.50 8-1-2023         4,300,000    1,875,875
Media: 0.06%            
Virgin Media Finance plc 144A   5.00 7-15-2030           200,000      188,520
Wireless telecommunication services: 0.46%            
Connect U.S. Finco LLC 144A   6.75 10-1-2026           750,000      777,360
Telesat Canada 144A   5.63 12-6-2026           360,000      304,549
VMED O2 UK Financing I plc 144A   4.75 7-15-2031           500,000      477,840
               1,559,749
Consumer discretionary: 0.21%            
Hotels, restaurants & leisure: 0.21%            
GENM Capital Labuan Limited 144A   3.88 4-19-2031   750,000 697,599
Energy: 1.18%            
Oil, gas & consumable fuels: 1.18%            
Baytex Energy Corporation 144A   8.75 4-1-2027   1,800,000 1,926,000
Griffin Coal Mining Company Limited 144A♦†   9.50 12-1-2016   1,110,230 0
Griffin Coal Mining Company Limited ♦†   9.50 12-1-2016   90,767 0
Husky Energy Incorporated   4.40 4-15-2029   750,000 811,293
NorthRiver Midstream Finance LP 144A   5.63 2-15-2026   1,227,000 1,245,405
            3,982,698
See accompanying notes to portfolio of investments
Allspring Multi-Sector Income Fund  |  17
Portfolio of investments—January 31, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Financials: 2.19%            
Banks: 1.00%            
ABN AMRO Bank NV 144A   4.80% 4-18-2026 $         750,000 $     809,875
Banco del Estado de Chile 144A   3.88 2-8-2022           650,000      650,319
Corporación Andina de Fomento   4.38 6-15-2022           958,000      969,018
NatWest Group plc (5 Year Treasury Constant Maturity +2.35%) ±   3.03 11-28-2035         1,000,000      951,083
               3,380,295
Capital markets: 0.19%            
Credit Suisse Group AG (5 Year Treasury Constant Maturity +3.55%) 144Aʊ±   4.50 9-3-2030           700,000      647,500
Diversified financial services: 0.18%            
Castlelake Aviation Finance 144A   5.00 4-15-2027           630,000      614,061
Insurance: 0.82%            
Allied World Assurance Company Holdings Limited   4.35 10-29-2025           385,000      408,279
Athene Holding Limited   4.13 1-12-2028           750,000      800,537
Fairfax Financial Holdings Limited   4.85 4-17-2028           750,000      818,449
Sompo International Holdings Limited   7.00 7-15-2034           575,000      761,212
               2,788,477
Health care: 2.37%            
Biotechnology: 0.07%            
Grifols Escrow Issuer SA 144A   4.75 10-15-2028           230,000      228,606
Pharmaceuticals: 2.30%            
Bausch Health Companies Incorporated 144A   4.88 6-1-2028           380,000      360,179
Bausch Health Companies Incorporated 144A   5.25 1-30-2030           450,000      361,744
Bausch Health Companies Incorporated 144A   5.50 11-1-2025           375,000      377,940
Bausch Health Companies Incorporated 144A   6.13 4-15-2025   1,581,000 1,611,434
Bausch Health Companies Incorporated 144A   6.25 2-15-2029   600,000 507,750
Bausch Health Companies Incorporated 144A   7.00 1-15-2028   100,000 89,625
Bausch Health Companies Incorporated 144A   7.25 5-30-2029   50,000 45,000
Bausch Health Companies Incorporated 144A   8.50 1-31-2027   375,000 379,219
Teva Pharmaceutical Finance Netherlands III BV    4.75 5-9-2027   185,000 178,988
Teva Pharmaceutical Finance Netherlands III BV    5.13 5-9-2029   185,000 179,450
Teva Pharmaceutical Finance Netherlands III BV    6.00 4-15-2024   3,110,000 3,168,266
Teva Pharmaceutical Finance Netherlands III BV    6.75 3-1-2028   500,000 530,320
            7,789,915
Industrials: 3.33%            
Aerospace & defense: 0.54%            
Bombardier Incorporated 144A   6.00 2-15-2028   185,000 179,102
Bombardier Incorporated 144A   7.13 6-15-2026   270,000 274,388
Bombardier Incorporated 144A   7.88 4-15-2027   1,350,000 1,368,198
            1,821,688
Airlines: 1.19%            
Air Canada 2020-1 Class C Pass-Through Trust 144A   10.50 7-15-2026   2,276,000 2,777,183
See accompanying notes to portfolio of investments
18  |  Allspring Multi-Sector Income Fund
Portfolio of investments—January 31, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Airlines (continued)            
Spirit Loyalty Cayman Limited 144A   8.00% 9-20-2025 $         610,000 $     660,905
VistaJet 144A   6.38 2-1-2030           605,000      601,219
               4,039,307
Electrical equipment: 0.57%            
Sensata Technologies BV 144A   4.00 4-15-2029         1,690,000    1,670,024
Sensata Technologies BV 144A   5.00 10-1-2025           260,000      273,975
               1,943,999
Machinery: 0.07%            
Vertical Holdco GmbH 144A   7.63 7-15-2028           224,000      235,760
Metals & mining: 0.23%            
Glencore Finance Canada Limited 144A   4.25 10-25-2022           750,000      767,415
Trading companies & distributors: 0.73%            
Carlyle Aviation Elevate Merger Subsidiary Limited 144A   7.00 10-15-2024         2,575,000    2,481,656
Materials: 0.31%            
Containers & packaging: 0.31%            
Ardagh Packaging Finance plc 144A   4.13 8-15-2026            75,000       74,415
Ardagh Packaging Finance plc 144A   5.25 4-30-2025           125,000      127,835
Ardagh Packaging Finance plc 144A   5.25 8-15-2027           880,000      862,400
               1,064,650
Utilities: 0.15%            
Multi-utilities: 0.15%            
Veolia Environnement SA    6.75 6-1-2038           350,000      497,479
Total Yankee corporate bonds and notes (Cost $40,067,190)             36,605,249
Yankee government bonds: 0.23%            
Republic of Trinidad and Tobago 144A   4.50 8-4-2026   750,000 766,883
Total Yankee government bonds (Cost $746,574)           766,883
    
    Yield   Shares  
Short-term investments: 4.44%            
Investment companies: 4.44%            
Allspring Government Money Market Fund Select Class ♠∞##   0.03          15,036,566   15,036,566
Total Short-term investments (Cost $15,036,566)             15,036,566
Total investments in securities (Cost $494,824,082) 141.94%          480,526,047
Other assets and liabilities, net (41.94)         (141,987,246)
Total net assets 100.00%         $ 338,538,801
    
See accompanying notes to portfolio of investments
Allspring Multi-Sector Income Fund  |  19
Portfolio of investments—January 31, 2022 (unaudited)
± 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.
±± 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.
† Non-income-earning security
♦ The security is fair valued in accordance with procedures approved by the Board of Trustees.
< All or a portion of the position represents an unfunded loan commitment. The rate represents the current interest rate if the loan is partially funded.
‡ Security is valued using significant unobservable inputs.
## All or a portion of this security is segregated for when-issued securities and unfunded loans.
♠ 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.
%% 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.
    
Abbreviations:
BRL Brazilian real
CNY Chinese yuan
COP Colombian peso
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
GNMA Government National Mortgage Association
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
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 either affiliates of the Fund at the beginning of the period or 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 $37,281,567 $(34,125,251) $0 $0 $15,036,566 15,036,566 $512
See accompanying notes to portfolio of investments
20  |  Allspring Multi-Sector Income Fund
Notes to portfolio of investments—January 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. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Fund’s Valuation Procedures.
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.
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 January 31, 2022, the Fund had unfunded loan commitments of $7,181,433.
Allspring Multi-Sector Income Fund  |  21
Notes to portfolio of investments—January 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 January 31, 2022:
  Quoted prices
(Level 1) 		Other significant
observable inputs
(Level 2) 		Significant
unobservable inputs
(Level 3) 		Total
Assets        
Investments in:        
Agency securities $0 $1,498,977 $0 $1,498,977
Asset-backed securities 0 3,854,020 0 3,854,020
Common stocks        
Energy 1,892,266 0 0 1,892,266
Financials 1,419,835 0 0 1,419,835
Corporate bonds and notes 0 230,775,364 0 230,775,364
Foreign corporate bonds and notes 0 27,785,922 0 27,785,922
Foreign government bonds 0 72,373,272 0 72,373,272
Loans 0 58,679,970 8,834,982 67,514,952
Non-agency mortgage-backed securities 0 21,002,741 0 21,002,741
Yankee corporate bonds and notes 0 36,605,249 0 36,605,249
Yankee government bonds 0 766,883 0 766,883
Short-term investments        
Investment companies 15,036,566 0 0 15,036,566
Total assets $18,348,667 $453,342,398 $8,834,982 $480,526,047
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:
  Loans
Balance as of October 31, 2021 $5,330,704
Accrued discounts (premiums) 1,341
Realized gains 353
Change in unrealized gains (losses) 787
Purchases 990,038
Sales (62,481)
Transfer into Level 3 2,574,240
Transfers out of Level 3 0
Balance as of January 31, 2022 $8,834,982
Change in unrealized gains (losses) relating to securities still held at January 31, 2022 $1,486
22  |  Allspring Multi-Sector Income Fund
Notes to portfolio of investments—January 31, 2022 (unaudited)
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