Portfolio of investments—May 31, 2025 (unaudited)
Portfolio of investments
 
 
 
Interest
rate
Maturity
date
Principal
Value
Asset-backed securities:  0.08%
 
Flexential Issuer Series 2021-1A Class B144A
3.72
%
11-27-2051
$
1,925,000
$1,827,103
Total asset-backed securities (Cost $1,843,539)
 
1,827,103
Corporate bonds and notes:  77.15%
 
Basic materials:  2.20%
 
Chemicals:  0.99%
 
Chemours Co.
5.38
5-15-2027
 
14,150,000
13,851,568
SCIH Salt Holdings, Inc.144A
4.88
5-1-2028
 
8,175,000
7,935,605
 
 
21,787,173
Iron/steel:  0.65%
 
Cleveland-Cliffs, Inc.144A
6.88
11-1-2029
 
15,320,000
14,244,066
Mining:  0.56%
 
Kaiser Aluminum Corp.144A
4.63
3-1-2028
 
12,515,000
12,162,989
Communications:  7.79%
 
Advertising:  0.55%
 
Clear Channel Outdoor Holdings, Inc.144A
5.13
8-15-2027
 
8,570,000
8,383,408
Outfront Media Capital LLC/Outfront Media Capital Corp.144A
5.00
8-15-2027
 
3,760,000
3,711,456
 
 
12,094,864
Internet:  1.49%
 
Arches Buyer, Inc.144A
4.25
6-1-2028
 
11,270,000
10,614,941
Gen Digital, Inc.144A
6.75
9-30-2027
 
21,650,000
22,023,939
 
 
32,638,880
Media:  4.91%
 
CCO Holdings LLC/CCO Holdings Capital Corp.144A
5.00
2-1-2028
 
3,265,000
3,202,399
CCO Holdings LLC/CCO Holdings Capital Corp.144A
5.13
5-1-2027
 
39,665,000
39,255,796
DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc.144A
5.88
8-15-2027
 
15,005,000
14,769,551
Nexstar Media, Inc.144A
5.63
7-15-2027
 
16,125,000
16,060,521
Paramount Global (3 Month LIBOR+3.90%)±
6.25
2-28-2057
 
6,130,000
5,781,067
Sirius XM Radio LLC144A
5.00
8-1-2027
 
28,930,000
28,630,621
 
 
107,699,955
Telecommunications:  0.84%
 
Frontier California, Inc. Series F
6.75
5-15-2027
 
5,650,000
5,734,750
Frontier Communications Holdings LLC144A
5.88
10-15-2027
 
8,915,000
8,938,241
Viasat, Inc.144A
5.63
4-15-2027
 
3,670,000
3,614,723
 
 
18,287,714
Consumer, cyclical:  16.71%
 
Airlines:  1.92%
 
American Airlines, Inc.144A
7.25
2-15-2028
 
6,600,000
6,665,975
American Airlines, Inc./AAdvantage Loyalty IP Ltd.144A
5.50
4-20-2026
 
18,360,000
18,328,632
Delta Air Lines, Inc.
7.38
1-15-2026
 
2,600,000
2,630,508
Hawaiian Airlines Pass-Through Certificates Series 2013-1 Class 1A
3.90
1-15-2026
 
2,197,775
2,148,873
See accompanying notes to portfolio of investments
Allspring Short-Term High Income Fund | 1
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Airlines(continued)
 
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets
Ltd.144A
6.50
%
6-20-2027
$
2,502,000
$2,507,742
United Airlines, Inc.144A
4.38
4-15-2026
 
10,000,000
9,881,497
 
 
42,163,227
Auto manufacturers:  2.17%
 
Ford Motor Credit Co. LLC
4.13
8-17-2027
 
8,900,000
8,586,062
Ford Motor Credit Co. LLC
5.13
6-16-2025
 
3,955,000
3,954,841
Ford Motor Credit Co. LLC
6.80
5-12-2028
 
8,545,000
8,723,966
Nissan Motor Acceptance Co. LLC144A
2.00
3-9-2026
 
14,099,000
13,639,434
Nissan Motor Acceptance Co. LLC144A
6.95
9-15-2026
 
12,566,000
12,719,267
 
 
47,623,570
Auto parts & equipment:  0.86%
 
American Axle & Manufacturing, Inc.
6.50
4-1-2027
 
6,270,000
6,239,920
Clarios Global LP/Clarios U.S. Finance Co.144A
6.25
5-15-2026
 
2,925,000
2,925,276
Dana, Inc.
5.63
6-15-2028
 
9,815,000
9,768,509
 
 
18,933,705
Distribution/wholesale:  0.26%
 
RB Global Holdings, Inc.144A
7.75
3-15-2031
 
5,335,000
5,584,691
Entertainment:  5.15%
 
CCM Merger, Inc.144A
6.38
5-1-2026
 
11,755,000
11,759,365
Churchill Downs, Inc.144A
5.50
4-1-2027
 
29,540,000
29,437,367
Cinemark USA, Inc.144A
5.25
7-15-2028
 
24,480,000
24,150,384
Live Nation Entertainment, Inc.144A
6.50
5-15-2027
 
21,600,000
21,856,003
Six Flags Entertainment Corp.144A
5.50
4-15-2027
 
18,975,000
18,932,697
Six Flags Entertainment Corp.144A
7.00
7-1-2025
 
6,699,000
6,705,538
 
 
112,841,354
Home builders:  0.82%
 
LGI Homes, Inc.144A
8.75
12-15-2028
 
8,790,000
9,046,202
Taylor Morrison Communities, Inc.144A
5.75
1-15-2028
 
2,733,000
2,749,166
Tri Pointe Homes, Inc.
5.70
6-15-2028
 
6,282,000
6,261,395
 
 
18,056,763
Housewares:  0.78%
 
Newell Brands, Inc.
5.70
4-1-2026
 
2,298,000
2,314,229
Newell Brands, Inc.144A
8.50
6-1-2028
 
14,380,000
14,876,812
 
 
17,191,041
Leisure time:  1.68%
 
NCL Corp. Ltd.144A
5.88
2-15-2027
 
6,060,000
6,061,418
NCL Corp. Ltd.144A
8.13
1-15-2029
 
6,270,000
6,601,695
Sabre Global, Inc.144A
8.63
6-1-2027
 
1,795,000
1,845,754
Sabre Global, Inc.144A
10.75
11-15-2029
 
3,209,000
3,273,180
See accompanying notes to portfolio of investments
2 | Allspring Short-Term High Income Fund
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Leisure time(continued)
 
Viking Cruises Ltd.144A
5.88
%
9-15-2027
$
9,430,000
$9,425,296
VOC Escrow Ltd.144A
5.00
2-15-2028
 
9,630,000
9,498,856
 
 
36,706,199
Retail:  3.02%
 
Advance Auto Parts, Inc.
1.75
10-1-2027
 
2,620,000
2,415,211
Gap, Inc.144A
3.63
10-1-2029
 
6,750,000
6,163,962
Group 1 Automotive, Inc.144A
6.38
1-15-2030
 
4,840,000
4,929,012
Lithia Motors, Inc.144A
4.63
12-15-2027
 
6,710,000
6,599,647
Macy’s Retail Holdings LLC144A
5.88
4-1-2029
 
8,065,000
7,904,423
Penske Automotive Group, Inc.
3.50
9-1-2025
 
375,000
373,506
PetSmart, Inc./PetSmart Finance Corp.144A
4.75
2-15-2028
 
12,135,000
11,711,143
Raising Cane’s Restaurants LLC144A
9.38
5-1-2029
 
15,140,000
16,066,765
Walgreens Boots Alliance, Inc.
3.45
6-1-2026
 
4,350,000
4,253,853
Walgreens Boots Alliance, Inc.
8.13
8-15-2029
 
5,415,000
5,673,648
 
 
66,091,170
Toys/games/hobbies:  0.05%
 
Mattel, Inc.144A
3.38
4-1-2026
 
1,150,000
1,132,278
Consumer, non-cyclical:  6.74%
 
Commercial services:  3.22%
 
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas
Luxco 4 Sarl144A
4.63
6-1-2028
 
3,140,000
3,005,849
Block, Inc.
2.75
6-1-2026
 
1,760,000
1,716,228
CoreCivic, Inc.
8.25
4-15-2029
 
16,385,000
17,317,861
GEO Group, Inc.
8.63
4-15-2029
 
24,860,000
26,241,625
Herc Holdings Escrow, Inc.144A%%
7.00
6-15-2030
 
5,280,000
5,439,591
Prime Security Services Borrower LLC/Prime Finance, Inc.144A
5.75
4-15-2026
 
13,145,000
13,177,751
Veritiv Operating Co.144A
10.50
11-30-2030
 
3,420,000
3,637,529
 
 
70,536,434
Cosmetics/Personal Care:  0.67%
 
Edgewell Personal Care Co.144A
5.50
6-1-2028
 
14,970,000
14,717,832
Food:  1.28%
 
Albertsons Cos., Inc./Safeway, Inc./New
Albertsons LP/Albertsons LLC144A
5.88
2-15-2028
 
6,675,000
6,669,013
Albertsons Cos., Inc./Safeway, Inc./New
Albertsons LP/Albertsons LLC144A
6.50
2-15-2028
 
10,560,000
10,773,111
B&G Foods, Inc.144A
8.00
9-15-2028
 
11,300,000
10,649,598
 
 
28,091,722
Healthcare-services:  0.81%
 
IQVIA, Inc.144A
5.00
10-15-2026
 
9,540,000
9,508,935
Tenet Healthcare Corp.
4.63
6-15-2028
 
5,575,000
5,466,717
Tenet Healthcare Corp.
6.13
10-1-2028
 
2,675,000
2,678,887
 
 
17,654,539
See accompanying notes to portfolio of investments
Allspring Short-Term High Income Fund | 3
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Household products/wares:  0.14%
 
Central Garden & Pet Co.
5.13
%
2-1-2028
$
3,000,000
$2,999,269
Pharmaceuticals:  0.62%
 
AdaptHealth LLC144A
6.13
8-1-2028
 
5,825,000
5,764,883
Organon & Co./Organon Foreign Debt Co-Issuer BV144A
4.13
4-30-2028
 
8,445,000
7,932,602
 
 
13,697,485
Energy:  13.43%
 
Energy-alternate sources:  0.66%
 
TerraForm Power Operating LLC144A
5.00
1-31-2028
 
14,815,000
14,404,039
Oil & gas:  2.38%
 
Aethon United BR LP/Aethon United Finance Corp.144A
7.50
10-1-2029
 
4,820,000
4,939,387
Antero Resources Corp.144A
7.63
2-1-2029
 
12,500,000
12,795,012
Civitas Resources, Inc.144A
8.38
7-1-2028
 
9,185,000
9,253,933
Encino Acquisition Partners Holdings LLC144A
8.50
5-1-2028
 
5,575,000
5,718,333
Hilcorp Energy I LP/Hilcorp Finance Co.144A
6.25
11-1-2028
 
11,115,000
10,978,369
Nabors Industries, Inc.144A
7.38
5-15-2027
 
6,915,000
6,638,739
Range Resources Corp.
8.25
1-15-2029
 
1,910,000
1,962,030
 
 
52,285,803
Oil & gas services:  2.87%
 
Archrock Partners LP/Archrock Partners Finance Corp.144A
6.88
4-1-2027
 
14,825,000
14,846,378
Bristow Group, Inc.144A
6.88
3-1-2028
 
13,418,000
13,378,719
Oceaneering International, Inc.
6.00
2-1-2028
 
21,595,000
21,304,048
USA Compression Partners LP/USA Compression Finance Corp.
6.88
9-1-2027
 
11,030,000
11,026,004
USA Compression Partners LP/USA Compression Finance
Corp.144A
7.13
3-15-2029
 
2,400,000
2,437,718
 
 
62,992,867
Pipelines:  7.52%
 
Antero Midstream Partners LP/Antero Midstream Finance
Corp.144A
5.75
1-15-2028
 
8,670,000
8,636,567
Buckeye Partners LP144A
6.88
7-1-2029
 
13,950,000
14,343,181
DCP Midstream Operating LP
5.38
7-15-2025
 
4,200,000
4,201,065
Energy Transfer LP Series H (5 Year Treasury Constant
Maturity+5.69%)ʊ±
6.50
11-15-2026
 
2,010,000
2,004,936
Harvest Midstream I LP144A
7.50
9-1-2028
 
22,330,000
22,673,860
Hess Midstream Operations LP144A
5.88
3-1-2028
 
25,855,000
26,109,517
Hess Midstream Operations LP144A
6.50
6-1-2029
 
1,580,000
1,613,003
Kinetik Holdings LP144A
6.63
12-15-2028
 
25,940,000
26,454,978
ONEOK, Inc.
4.15
6-1-2025
 
5,917,000
5,917,000
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.144A
5.50
1-15-2028
 
5,070,000
5,038,474
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.144A
6.00
3-1-2027
 
24,230,000
24,196,560
Venture Global LNG, Inc.144A
8.13
6-1-2028
 
23,030,000
23,568,902
 
 
164,758,043
See accompanying notes to portfolio of investments
4 | Allspring Short-Term High Income Fund
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Financial:  14.09%
 
Banks:  0.08%
 
Citigroup, Inc. Series X (5 Year Treasury Constant
Maturity+3.42%)ʊ±
3.88
%
2-18-2026
$
1,837,000
$1,799,673
Diversified financial services:  7.77%
 
Aircastle Ltd. Series A (5 Year Treasury Constant
Maturity+4.41%)144Aʊ±
5.25
6-15-2026
 
9,535,000
9,468,466
Capital One Financial Corp. Series O (U.S. SOFR 3
Month+3.34%)ʊ±
5.50
10-30-2027
 
11,835,000
11,515,455
Encore Capital Group, Inc.144A
9.25
4-1-2029
 
7,450,000
7,943,563
Jefferson Capital Holdings LLC144A
6.00
8-15-2026
 
10,735,000
10,683,687
Nationstar Mortgage Holdings, Inc.144A
6.00
1-15-2027
 
13,165,000
13,166,975
Nationstar Mortgage Holdings, Inc.144A
6.50
8-1-2029
 
7,345,000
7,481,059
Navient Corp.
4.88
3-15-2028
 
7,350,000
7,170,357
Navient Corp.
5.00
3-15-2027
 
11,235,000
11,120,775
Navient Corp.
6.75
6-25-2025
 
1,780,000
1,779,049
OneMain Finance Corp.
7.13
3-15-2026
 
32,262,000
32,698,795
PRA Group, Inc.144A
8.38
2-1-2028
 
18,815,000
18,979,631
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.144A
2.88
10-15-2026
 
11,865,000
11,490,542
United Wholesale Mortgage LLC144A
5.50
11-15-2025
 
17,745,000
17,715,479
United Wholesale Mortgage LLC144A
5.75
6-15-2027
 
9,240,000
9,107,973
 
 
170,321,806
Insurance:  1.10%
 
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer144A
6.75
4-15-2028
 
17,145,000
17,385,099
AmWINS Group, Inc.144A
6.38
2-15-2029
 
6,625,000
6,717,816
 
 
24,102,915
Investment Companies:  0.25%
 
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.25
5-15-2026
 
5,631,000
5,578,241
REITs:  4.89%
 
Blackstone Mortgage Trust, Inc.144A
3.75
1-15-2027
 
7,106,000
6,859,567
Boston Properties LP
3.65
2-1-2026
 
1,750,000
1,736,545
Brandywine Operating Partnership LP
3.95
11-15-2027
 
5,180,000
4,943,809
Iron Mountain, Inc.144A
5.25
3-15-2028
 
24,240,000
23,974,155
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance
Corp.144A
4.25
2-1-2027
 
5,000,000
4,891,679
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance
Corp.144A
4.75
6-15-2029
 
9,085,000
8,800,832
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance
Corp.144A
5.25
10-1-2025
 
7,505,000
7,495,620
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK
Finance Co-Issuer144A
5.88
10-1-2028
 
19,165,000
18,884,041
Service Properties Trust
5.25
2-15-2026
 
9,770,000
9,680,431
Service Properties Trust144A
8.63
11-15-2031
 
525,000
559,147
Starwood Property Trust, Inc.144A
3.63
7-15-2026
 
19,790,000
19,321,931
 
 
107,147,757
See accompanying notes to portfolio of investments
Allspring Short-Term High Income Fund | 5
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Industrial:  9.52%
 
Aerospace/defense:  2.24%
 
Spirit AeroSystems, Inc.144A
9.38
%
11-30-2029
$
13,643,000
$14,527,094
Spirit AeroSystems, Inc.144A
9.75
11-15-2030
 
7,530,000
8,315,115
TransDigm, Inc.144A
6.38
3-1-2029
 
25,950,000
26,372,907
 
 
49,215,116
Building materials:  0.84%
 
JELD-WEN, Inc.144A
4.88
12-15-2027
 
3,259,000
2,845,479
Standard Industries, Inc.144A
5.00
2-15-2027
 
15,585,000
15,478,852
 
 
18,324,331
Electrical components & equipment:  1.35%
 
Energizer Holdings, Inc.144A
4.75
6-15-2028
 
12,755,000
12,299,269
Energizer Holdings, Inc.144A
6.50
12-31-2027
 
3,754,000
3,778,288
WESCO Distribution, Inc.144A
6.38
3-15-2029
 
13,275,000
13,550,483
 
 
29,628,040
Environmental control:  0.14%
 
Clean Harbors, Inc.144A
4.88
7-15-2027
 
3,000,000
2,971,572
Machinery-diversified:  0.82%
 
Chart Industries, Inc.144A
7.50
1-1-2030
 
700,000
730,661
TK Elevator U.S. Newco, Inc.144A
5.25
7-15-2027
 
17,430,000
17,264,976
 
 
17,995,637
Packaging & containers:  2.44%
 
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging
Finance PLC144A
6.00
6-15-2027
 
17,170,000
17,212,290
Ball Corp.
6.88
3-15-2028
 
5,280,000
5,407,670
Berry Global, Inc.144A
4.88
7-15-2026
 
1,750,000
1,744,584
Clydesdale Acquisition Holdings, Inc.144A
6.63
4-15-2029
 
11,480,000
11,578,361
Clydesdale Acquisition Holdings, Inc.144A
6.88
1-15-2030
 
1,625,000
1,647,831
Crown Americas LLC/Crown Americas Capital Corp. VI
4.75
2-1-2026
 
3,000,000
2,998,126
Mauser Packaging Solutions Holding Co.144A
7.88
4-15-2027
 
2,900,000
2,927,509
Owens-Brockway Glass Container, Inc.144A
6.63
5-13-2027
 
9,965,000
9,970,012
 
 
53,486,383
Trucking & leasing:  1.69%
 
AerCap Global Aviation Trust (U.S. SOFR 3 Month+4.56%)144A±
6.50
6-15-2045
 
7,940,000
7,948,305
Fortress Transportation & Infrastructure Investors LLC144A
5.50
5-1-2028
 
29,355,000
29,109,666
 
 
37,057,971
Technology:  2.53%
 
Computers:  0.69%
 
Seagate HDD Cayman
8.25
12-15-2029
 
9,615,000
10,248,292
Western Digital Corp.
4.75
2-15-2026
 
4,866,000
4,849,865
 
 
15,098,157
See accompanying notes to portfolio of investments
6 | Allspring Short-Term High Income Fund
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Semiconductors:  0.24%
 
Entegris, Inc.144A
4.38
%
4-15-2028
$
4,700,000
$4,537,696
ON Semiconductor Corp.144A
3.88
9-1-2028
 
795,000
759,296
 
 
5,296,992
Software:  1.60%
 
Cloud Software Group, Inc.144A
6.50
3-31-2029
 
7,545,000
7,536,511
SS&C Technologies, Inc.144A
5.50
9-30-2027
 
27,700,000
27,669,109
 
 
35,205,620
Utilities:  4.14%
 
Electric:  4.14%
 
Pattern Energy Operations LP/Pattern Energy Operations, Inc.144A
4.50
8-15-2028
 
17,588,000
16,876,727
PG&E Corp.
5.00
7-1-2028
 
7,950,000
7,756,871
Vistra Corp. (5 Year Treasury Constant Maturity+5.74%)144Aʊ±
7.00
12-15-2026
 
5,350,000
5,426,906
Vistra Corp. Series C (5 Year Treasury Constant
Maturity+5.05%)144Aʊ±
8.88
1-15-2029
 
2,405,000
2,583,292
Vistra Operations Co. LLC144A
5.00
7-31-2027
 
5,280,000
5,264,611
Vistra Operations Co. LLC144A
5.63
2-15-2027
 
23,400,000
23,384,497
XPLR Infrastructure Operating Partners LP144A
3.88
10-15-2026
 
5,685,000
5,522,945
XPLR Infrastructure Operating Partners LP144A
4.50
9-15-2027
 
19,370,000
18,737,599
XPLR Infrastructure Operating Partners LP144A
7.25
1-15-2029
 
5,165,000
5,190,345
 
 
90,743,793
Total corporate bonds and notes (Cost $1,677,424,376)
 
1,691,351,676
 
 
 
 
 
Shares
 
Investment companies:  1.00%
 
Exchange-traded funds:  1.00%
 
SPDR Bloomberg Short Term High Yield Bond ETF
 
868,026
21,900,296
Total investment companies (Cost $21,657,249)
 
21,900,296
 
 
 

 

 
Principal
 
Loans:  5.13%
 
Communications:  0.21%
 
Media:  0.21%
 
DIRECTV Financing LLC (U.S. SOFR 3 Month+5.00%)±
9.54
8-2-2027
$
1,088,205
1,091,219
DIRECTV Financing LLC (U.S. SOFR 3 Month+5.25%)±
9.79
8-2-2029
 
3,486,607
3,427,788
 
 
4,519,007
Consumer, cyclical:  0.90%
 
Airlines:  0.29%
 
SkyMiles IP Ltd. (U.S. SOFR 3 Month+3.75%)±
8.02
10-20-2027
 
6,252,735
6,283,624
Auto parts & equipment:  0.25%
 
Clarios Global LP (U.S. SOFR 1 Month+2.75%)±
7.08
1-28-2032
 
5,575,000
5,555,822
See accompanying notes to portfolio of investments
Allspring Short-Term High Income Fund | 7
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Retail:  0.36%
 
Petco Health & Wellness Co., Inc. (U.S. SOFR 3 Month+3.25%)±
7.81
%
3-3-2028
$
5,395,000
$4,987,462
PetSmart, Inc. (U.S. SOFR 1 Month+3.75%)±
8.18
2-11-2028
 
2,969,152
2,954,929
 
 
7,942,391
Consumer, non-cyclical:  0.81%
 
Commercial services:  0.48%
 
Avis Budget Car Rental LLC (U.S. SOFR 1 Month+1.75%)±
6.19
8-6-2027
 
10,766,592
10,564,718
Healthcare-services:  0.33%
 
Modivcare, Inc. (U.S. SOFR 3 Month+4.75%)±
9.05
7-1-2031
 
8,867,547
5,951,100
Modivcare, Inc. (U.S. SOFR 3 Month+7.50%)±
11.71
1-9-2026
 
1,534,314
1,158,407
 
 
7,109,507
Energy:  0.60%
 
Oil & gas:  0.32%
 
Hilcorp Energy I LP (U.S. SOFR 1 Month+2.00%)±
6.33
2-11-2030
 
7,000,000
6,979,560
Pipelines:  0.28%
 
Prairie Acquiror LP (U.S. SOFR 1 Month+4.25%)±
8.58
8-1-2029
 
6,276,758
6,296,405
Financial:  0.77%
 
Insurance:  0.77%
 
Asurion LLC (U.S. SOFR 1 Month+3.25%)±
7.69
12-23-2026
 
6,978,043
6,968,832
Asurion LLC (U.S. SOFR 1 Month+3.25%)±
7.69
7-31-2027
 
10,052,643
9,985,592
 
 
16,954,424
Industrial:  1.28%
 
Aerospace/defense:  0.09%
 
Spirit AeroSystems, Inc. (U.S. SOFR 3 Month+4.50%)±
8.78
1-15-2027
 
1,935,000
1,935,813
Building materials:  0.73%
 
Quikrete Holdings, Inc. (U.S. SOFR 1 Month+2.25%)±
6.58
3-19-2029
 
16,065,990
16,042,533
Machinery-diversified:  0.46%
 
TK Elevator U.S. Newco, Inc. (U.S. SOFR 3 Month+3.00%)±
7.24
4-30-2030
 
10,000,000
10,015,900
Technology:  0.32%
 
Computers:  0.07%
 
McAfee Corp. (U.S. SOFR 1 Month+3.00%)±
7.33
3-1-2029
 
1,665,000
1,599,232
Software:  0.25%
 
Rocket Software, Inc. (U.S. SOFR 1 Month+4.25%)±
8.58
11-28-2028
 
5,395,500
5,399,223
Utilities:  0.24%
 
Electric:  0.24%
 
Constellation Renewables LLC (U.S. SOFR 3 Month+2.25%)±
6.58
12-15-2027
 
5,384,006
5,376,415
Total loans (Cost $115,912,992)
 
112,574,574
See accompanying notes to portfolio of investments
8 | Allspring Short-Term High Income Fund
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Non-agency mortgage-backed securities:  0.34%
 
GS Mortgage-Backed Securities Trust Series 2024-HE1 Class A1 (30
Day Average U.S. SOFR+1.60%)144A±
5.92
%
8-25-2054
$
7,473,968
$7,473,941
Total non-agency mortgage-backed securities (Cost $7,473,968)
 
7,473,941
Yankee corporate bonds and notes:  10.70%
 
Basic materials:  0.35%
 
Mining:  0.35%
 
Alumina Pty. Ltd.144A
6.13
3-15-2030
 
7,590,000
7,601,924
Communications:  1.32%
 
Internet:  1.05%
 
Rakuten Group, Inc.144A
11.25
2-15-2027
 
21,325,000
22,993,760
Media:  0.27%
 
Virgin Media Vendor Financing Notes IV DAC144A
5.00
7-15-2028
 
6,090,000
5,934,309
Consumer, cyclical:  4.03%
 
Airlines:  2.06%
 
Air Canada Pass-Through Trust Series 2020-1 Class C144A
10.50
7-15-2026
 
22,234,000
23,401,285
Latam Airlines Group SA144A
13.38
10-15-2029
 
19,270,000
21,622,848
 
 
45,024,133
Leisure time:  1.97%
 
Carnival Corp.144A
5.75
3-1-2027
 
12,280,000
12,310,717
Royal Caribbean Cruises Ltd.144A
5.38
7-15-2027
 
30,910,000
30,938,030
 
 
43,248,747
Consumer, non-cyclical:  0.99%
 
Healthcare-products:  0.99%
 
Bausch & Lomb Corp.144A
8.38
10-1-2028
 
20,903,000
21,610,776
Energy:  0.25%
 
Oil & gas:  0.25%
 
Borr IHC Ltd./Borr Finance LLC144A
10.00
11-15-2028
 
6,485,427
5,598,480
Financial:  1.48%
 
Banks:  0.39%
 
Intesa Sanpaolo SpA (5 Year USD Swap Rate+5.46%)144Aʊ±
7.70
9-17-2025
 
8,550,000
8,576,563
Diversified financial services:  1.09%
 
Global Aircraft Leasing Co. Ltd.144A
8.75
9-1-2027
 
20,845,000
21,079,198
Macquarie AirFinance Holdings Ltd.144A
6.40
3-26-2029
 
2,650,000
2,739,999
 
 
23,819,197
Industrial:  0.43%
 
Aerospace/defense:  0.30%
 
Bombardier, Inc.144A
6.00
2-15-2028
 
4,890,000
4,886,802
Bombardier, Inc.144A
7.88
4-15-2027
 
1,727,000
1,734,937
 
 
6,621,739
See accompanying notes to portfolio of investments
Allspring Short-Term High Income Fund | 9
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
Interest
rate
Maturity
date
Principal
Value
Packaging & containers:  0.13%
 
Trivium Packaging Finance BV144A
8.25
%
7-15-2030
$
2,785,000
$2,889,558
Technology:  0.41%
 
Software:  0.41%
 
Open Text Corp.144A
3.88
2-15-2028
 
7,390,000
7,078,935
Open Text Corp.144A
6.90
12-1-2027
 
1,800,000
1,853,732
 
 
8,932,667
Utilities:  1.44%
 
Electric:  1.44%
 
Algonquin Power & Utilities Corp. (5 Year Treasury Constant
Maturity+3.25%)±
4.75
1-18-2082
 
3,035,000
2,904,447
Emera, Inc. Series 16-A (3 Month LIBOR+5.44%)±
6.75
6-15-2076
 
28,595,000
28,735,458
 
 
31,639,905
Total yankee corporate bonds and notes (Cost $233,521,398)
 
234,491,758
 
 
 
Yield
 
Shares
 
Short-term investments:  4.03%
 
Investment companies:  4.03%
 
Allspring Government Money Market Fund Select Class♠∞##
4.23
 
88,328,616
88,328,616
Total short-term investments (Cost $88,328,616)
 
88,328,616
Total investments in securities (Cost $2,146,162,138)
98.43
%
 
2,157,947,964
Other assets and liabilities, net
1.57
 
34,409,238
Total net assets
100.00
%
 
$2,192,357,202
 
144A
The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of
1933.
±
Variable rate investment. The rate shown is the rate in effect at period end.
%%
The security is purchased on a when-issued basis.
ʊ
Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date.
♠
The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.
∞
The rate represents the 7-day annualized yield at period end.
##
All or a portion of this security is segregated as collateral for when-issued securities.
 
Abbreviations:
LIBOR
London Interbank Offered Rate
REIT
Real estate investment trust
SOFR
Secured Overnight Financing Rate
See accompanying notes to portfolio of investments
10 | Allspring Short-Term High Income Fund
Portfolio of investments—May 31, 2025 (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 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
$83,556,803
$731,466,938
$(726,695,125
)
$0
$0
$88,328,616
88,328,616
$3,180,035
See accompanying notes to portfolio of investments
Allspring Short-Term High Income Fund | 11
Notes to portfolio of investments—May 31, 2025 (unaudited)
Notes to portfolio of investments
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.
Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g., taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.
Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC (“Allspring Funds Management”), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management’s process for determining the fair value of the portfolio of investments.
When-issued transactions
The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.
Loans
The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Fund purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund assumes the credit risk of both the borrower and the lender that is selling the participation. When the Fund purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments represent the remaining obligation of the Fund to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market.
Fair valuation measurements
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows: 
•Level 1 – quoted prices in active markets for identical securities
•Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
12 | Allspring Short-Term High Income Fund
Notes to portfolio of investments—May 31, 2025 (unaudited)
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2025: 
 
Quoted prices
(Level 1)
Other significant
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Total
Assets
Investments in:
Asset-backed securities
$0
$1,827,103
$0
$1,827,103
Corporate bonds and notes
0
1,691,351,676
0
1,691,351,676
Investment companies
21,900,296
0
0
21,900,296
Loans
0
112,574,574
0
112,574,574
Non-agency mortgage-backed securities
0
7,473,941
0
7,473,941
Yankee corporate bonds and notes
0
234,491,758
0
234,491,758
Short-term investments
Investment companies
88,328,616
0
0
88,328,616
Total assets
$110,228,912
$2,047,719,052
$0
$2,157,947,964
Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.
At May 31, 2025, the Fund had no material transfers into/out of Level 3.
Allspring Short-Term High Income Fund | 13