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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSRS

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21269

 

 

Allspring Income Opportunities Fund

(Exact name of registrant as specified in charter)

 

 

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

Mathew Prasse

Allspring Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: 800-222-8222

Date of fiscal year end: April 30

Date of reporting period: October 31, 2021

 

 

 


ITEM 1. REPORT TO STOCKHOLDERS


Semi-Annual Report
October 31, 2021
Allspring
Income Opportunities Fund (EAD)




Contents
The views expressed and any forward-looking statements are as of October 31, 2021, unless otherwise noted, and are those of the Fund's portfolio managers and/or Allspring Global Investments. Discussions of individual securities or the markets generally are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Allspring Global Investments disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

Allspring Income Opportunities Fund  |  1


Letter to shareholders (unaudited)
Andrew Owen
President
Allspring Funds
Dear Shareholder:
We are pleased to offer you this semi annual report for the Allspring Income Opportunities Fund for the six-month period that ended October 31, 2021. Global stocks continued to rally as the global economy continued to emerge from the haze of COVID-19. Tailwinds were provided by global stimulus programs, a rapid vaccination rollout, and recovering consumer and corporate sentiment. The bond market had mostly positive returns during the period.
For the six-month period, U.S. stocks, based on the S&P 500 Index,1 gained 10.91%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),2 returned 1.77%, while the MSCI EM Index (Net) (USD),3 trailed its developed market counterparts with a 4.87% loss. Among bond indexes, the Bloomberg U.S. Aggregate Bond Index,4 returned 1.06%, the Bloomberg Global Aggregate ex-USD Index (unhedged),5 returned -2.65%, the Bloomberg Barclays Municipal Bond Index,6 returned 0.01%, and the ICE BofA U.S. High Yield Index,7 gained 2.43%.
Vaccination rollout drove the stock markets to new highs.
Vaccine rollouts continued in May, leading to loosened restrictions globally. As a result, equity markets in general saw a minor increase in returns. Concerns that the continued economic rebound could result in inflation increases becoming more than transitory were supported by the higher input costs businesses were experiencing. Meanwhile, those inflation concerns were tempered by the U.S. Federal Reserve (Fed), which stayed steady on its view of the economy and eased fears of a sudden and substantial policy change. Positive performance in the emerging market equity space was supported this month by steady consumer demand and strong commodity prices. Fixed-income markets were also slightly positive for the month, driven by inflation uncertainty and a softer U.S. dollar.
June witnessed the S&P 500 Index reach a new all-time high. 2021 economic growth and inflation forecasts were revised higher to reflect a strong economic recovery and some supply and demand imbalances. Late June saw a deal reached on a U.S. infrastructure package of approximately $1 trillion for road, bridge, and broadband network upgrades over the next eight years. The Fed’s June meeting yielded no change to policy, but its projections pointed to a possible interest rate rise in 2023. This, combined with a rebound in economic activity and investors searching for yield, led to U.S. Treasury yields being down for the month. Many European and Asian countries saw vaccination momentum increase, while the U.K. dealt with a rise in COVID-19 infections, specifically the Delta variant. Meanwhile, crude oil jumped over 10% in June on the back of the pickup in global economic activity and Organization of the Petroleum Exporting Countries’ (OPEC) slow pace of supply growth.
2021 economic growth and inflation forecasts were revised higher to reflect a strong economic recovery and some supply and demand imbalances.

1 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.
2 The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.
3 The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.
4 The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.
5 The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.
6 The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.
7 The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved.

2  |  Allspring Income Opportunities Fund


Letter to shareholders (unaudited)
July began the month seeing vaccinations making progress, as several major developed countries eased restrictions, only to be threatened again by the spread of COVID-19’s Delta variant. Inflation continued to climb, aided by the continued supply bottleneck in the face of high demand. As it pertains to the equity area of the market, U.S. equities led the way in positive return territory followed by international developed markets. In contrast, emerging markets were well in negative territory for the month, hindered by China’s plans for new regulations on a number of sectors, specifically education and technology. The U.S. 10-year Treasury bond yield continued to decline, as strong demand swallowed up supply. After hitting a multiyear high earlier in the month, oil prices leveled off following an agreement by OPEC to raise oil production starting in August.
The Delta variant of COVID-19 produced outbreaks globally in August, increasing the potential for increased market volatility and bringing into question the ongoing economic recovery. Domestically, the U.S. economy continued to stay strong in the face of the Delta variant, continued inflationary pressures, and worries over Hurricane Ida. Emerging market equities experienced elevated volatility, largely influenced by China’s regulatory stance. Emerging market equities started the month with poor performance but rebounded to end the month in positive territory. Municipal debt experienced its first monthly performance drop since February of this year, slowing a rally that made it one of the best-performing sectors of the bond market. In the commodity segment of the market, crude oil fell sharply during the month on the back of dampened expectations as a result of the Delta variant but was still a leading asset-class performer for the year.
Global markets suffered their broadest retreat in a year during September, with the exception of commodities. Concerns over inflation and the interest rate outlook depressed investor confidence and hurt performance. Emerging markets declined on concerns over the continued supply chain disruptions and worries over higher energy and food prices. Meanwhile, the Fed indicated it would slow the pace of asset purchases in the near future. All eyes domestically were fixed on the raising of the debt ceiling, the 2022 budget plan, and the ongoing debate over the infrastructure package. Contrary to most asset classes, commodities thrived in September, driven by sharply higher energy prices.
October’s key themes continued to be elevated inflation pressures and a supply bottleneck, but strong earnings provided a bright spot in the markets. Earnings releases in the U.S. were generally strong and consumer confidence was high. The Fed reaffirmed its plans to taper quantitative easing to a stop by mid-2022. Meanwhile, elevated inflation figures are still being considered transitory by the Fed. Similar to the U.S., the eurozone and many Asian countries saw positive earnings but were facing inflation pressures caused by supply bottlenecks while also experiencing energy price increases amid natural gas shortages. Globally, government bond yields rose as central banks prepared to lower monetary policy accommodation in the face of rising inflationary pressures. As previously referenced, positive commodity performance was driven by sharply higher energy costs.
Don’t let short-term uncertainty derail long-term investment goals.
Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.
Information on transaction closing.
On November 1, 2021, GTCR LLC and Reverence Capital Partners, L.P., announced the beginning of Allspring Global Investments™, with the close of the transaction to acquire Wells Fargo Funds Management, LLC; Wells Capital Management, LLC; Galliard Capital Management, LLC.; Wells Fargo Asset Management (International) Ltd.; Wells Fargo Asset Management Luxembourg S.A.; and Wells Fargo Funds Distributor, LLC, as well as Wells Fargo Bank, N.A.’s business of acting as trustee to its collective investment trusts and all related Wells Fargo Asset Management legal entities. The transaction closed on November 1, 2021, forming Allspring Global Investments, a privately held asset management firm with $587 billion in AUM1 as of September 30, 2021.
Municipal debt experienced its first monthly performance drop since February of this year, slowing a rally that made it one of the best-performing sectors of the bond market.

1 As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm.

Allspring Income Opportunities Fund  |  3


Letter to shareholders (unaudited)

For further information about your Fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222.
Allspring Global Investments™ is a leading independent asset management firm with a full breadth of investment capabilities across diverse asset classes, serving the needs of its institutional and wealth management clients around the world. Allspring operates across 18 offices globally supported by more than 480 investment professionals. Allspring and its investment teams provide a broad range of differentiated investment products and solutions to help its diverse range of clients meet their investment objectives.
As part of this transition, all mutual funds and closed end funds within the Wells Fargo Funds family were rebranded as Allspring Funds. Each individual fund had “Wells Fargo” removed from its fund name and replaced with “Allspring.” The fund name changes went into effect on December 6, 2021.
Allspring Global Investments is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P.
Thank you for choosing to invest with Allspring Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.
Sincerely,
Andrew Owen
President
Allspring Funds

4  |  Allspring Income Opportunities Fund


Letter to shareholders (unaudited)
Notice to Shareholders
On November 12, 2021, the Fund announced a renewal of its open-market share repurchase program (the “Buyback Program”). Under the renewed Buyback Program, the Fund may repurchase up to 10% of its outstanding shares in open market transactions during the period beginning on January 1, 2022 and ending on December 31, 2022. The Fund’s Board of Trustees has delegated to Allspring Funds Management, LLC, the Fund’s adviser, discretion to administer the Buyback Program, including the determination of the amount and timing of repurchases in accordance with the best interests of the Fund and subject to applicable legal limitations.
The Fund’s managed distribution plan provides for the declaration of monthly distributions to common shareholders of the Fund at an annual minimum fixed rate of 8% based on the Fund’s average monthly net asset value per share over the prior 12 months. Under the managed distribution plan, monthly distributions may be sourced from income, paid-in capital, and/or capital gains, if any. To the extent that sufficient investment income is not available on a monthly basis, the Fund may distribute paid-in capital and/or capital gains, if any, in order to maintain its managed distribution level. You should not draw any conclusions about the Fund’s investment performance from the amount of the Fund’s distributions or from the terms of the managed distribution plan. Shareholders may elect to reinvest distributions received pursuant to the managed distribution plan in the Fund under the existing dividend reinvestment plan, which is described later in this report.

Allspring Income Opportunities Fund  |  5


Performance highlights (unaudited)
Investment objective The Fund seeks a high level of current income. Capital appreciation is a secondary objective.
Strategy summary Under normal market conditions, the Fund invests at least 80% of its total assets in below-investment-grade (high yield) debt securities, loans and perferred stocks. These securities are rated Ba or lower by Moody's or BB or lower by S&P, or are unrated securities of comparable quality as determined by the subadviser.
Adviser Allspring Funds Management, LLC
Subadviser Allspring Global Investments, LLC
Portfolio managers Chris Lee, CFA®, Michael J. Schueller, CFA®
    
Average annual total returns (%) as of October 31, 20211
  6 months 1 year 5 year 10 year
Based on market value 7.73 34.78 10.96 8.49
Based on net asset value (NAV) 3.66 17.96 9.05 9.00
ICE BofA U.S. High Yield Constrained Index2 2.42 10.75 6.23 6.65
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Performance figures of the Fund do not reflect brokerage commissions that a shareholder would pay on the purchase and sale of shares. If taxes and such brokerage commissions had been reflected, performance would have been lower. To obtain performance information current to the most recent month-end, please call 1-800-222-8222.
The Fund’s annualized expense ratio for the six months ended October 31, 2021, was 1.23% which includes 0.28% of interest expense.
1 Total returns based on market value are calculated assuming a purchase of common stock on the first day and a sale on the last day of the period reported. Total returns based on NAV are calculated based on the NAV at the beginning of the period and at the end of the period. Dividends and distributions, if any, are assumed for the purposes of these calculations to be reinvested at prices obtained under the Fund’s Automatic Dividend Reinvestment Plan.
2 The ICE BofA U.S. High Yield Constrained Index is a market-value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3 but are not in default. The ICE BofA U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved.
    

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

6  |  Allspring Income Opportunities Fund


Performance highlights (unaudited)
Growth of $10,000 investment as of October 31, 20211
1 The chart compares the performance of the Fund for the most recent ten years with the ICE BofA U.S. High Yield Constrained Index. The chart assumes a hypothetical investment of $10,000 investment and reflects all operating expenses of the Fund.
    
Comparison of NAV vs. market value1
1 This chart does not reflect any brokerage commissions charged on the purchase and sale of the Fund’s common stock. Dividends and distributions paid by the Fund are included in the Fund’s average annual total returns but have the effect of reducing the Fund’s NAV.
More detailed information about the Fund’s investment objective, principal investment strategies and the principal risks associated with investing in the Fund can be found on page 10.
Risk summary
This closed-end fund is no longer available as an initial public offering and is only offered through broker-dealers on the secondary market. A closed-end fund is not required to buy its shares back from investors upon request. Shares of the Fund may trade at either a premium or discount relative to the Fund’s net asset value, and there can be no assurance that any discount will decrease. The values of, and/or the income generated by, securities held by the Fund may decline due to general market conditions or other factors, including those directly involving the issuers of such securities. Debt securities are subject to credit risk and interest rate risk, and high yield securities and unrated securities of similar credit quality have a much greater risk of default and their values tend to be more volatile than higher-rated securities with similar maturities. The Fund is leveraged through a revolving credit facility and also may incur leverage by issuing preferred shares in the future. The use of leverage results in certain risks including, among others, the likelihood of greater volatility of the net asset value and the market value of common shares. Derivatives involve additional risks including interest rate risk, credit risk, the risk of improper valuation, and the risk of non-correlation to the relevant instruments that they are designed to hedge or closely track.

Allspring Income Opportunities Fund  |  7


Performance highlights (unaudited)
MANAGER'S DISCUSSION
Overview
The Fund’s return based on market value was 7.73% for the six-month period that ended October 31, 2021. During the same period, the Fund’s return based on its net asset value (NAV) was 3.66%. Based on its market value and NAV returns, the Fund outperformed the ICE BofA U.S. High Yield Constrained Index, which returned 2.42% for the six-month period that ended October 31, 2021.
Market overview
Reflation and reopening have been key investment themes over the past six months. Broad economic reflation affected the high-yield market in three main ways: rising U.S. Treasury yields, particularly on the front end of the curve; a 31% increase in the price of oil; and the recovery in valuations in COVID-19-affected sectors. To capitalize, we bolstered the average spread in our floating-rate loans, reduced rate-sensitive bonds, optimized our energy overweight, and applied a bottom-up approach to selecting COVID-19-affected securities.
Ten largest holdings (%) as of October 31, 20211
Service Corporation International, 7.50%, 4-1-2027 1.91
Occidental Petroleum Corporation, 6.45%, 9-15-2036 1.72
CCO Holdings LLC, 4.50%, 8-15-2030 1.32
Carlyle Aviation Elevate Merger Subsidiary Limited, 7.00%, 10-15-2024 1.31
Sabre GLBL Incorporated , 9.25%, 4-15-2025 1.30
Pattern Energy Operations LP, 4.50%, 8-15-2028 1.26
Change Healthcare Holdings Incorporated, 5.75%, 3-1-2025 1.19
Enviva Partners LP, 6.50%, 1-15-2026 1.17
Air Canada 2020-1 Class C Pass-Through Trust , 10.50%, 7-15-2026 1.17
Ford Motor Credit Company LLC, 5.11%, 5-3-2029 1.17
1 Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.
Reorganized energy equities with depressed valuations and low-dollar-price fallen angel bonds were the best ways to capitalize on broad economic reflation with the high-yield market. The portfolio’s top-performing investment was an equity position in Denbury, a long-time high-yield issuer whose set of conventional oil-producing assets positions it to capture carbon that’s a by-product of industrial production and uses that carbon to enhance oil recoveries from generations-old wells, thus producing carbon-neutral oil. Bond positions in Baytex Energy, Occidental Petroleum, and EnLink Midstream and equity positions in Bristow Group and Whiting Petroleum were also top performers.
Credit quality as of October 31, 20211
1 The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.
The vaccine rollout led to the normalization of inverted credit curves (near-term maturities trading at higher yields than longer ones). The portfolio built an overweight position in the leisure, airlines, and transportation sectors to take advantage. The Fund's use of leverage had a positive impact on total return performance during this reporting period.
Lack of positions in Transocean Limited, AMC Entertainment Holdings, The Kraft Heinz Company, and PBF Holding Company LLC also dampened performance relative to the ICE BofA U.S. High Yield Constrained Index. We sold out of our Kraft position valuation early in the year to express our view that tight-spread bonds such as Kraft were likely to sell off if long term treasury rates moved higher. AMC Entertainment likely would have faced bankruptcy had it not
 

8  |  Allspring Income Opportunities Fund


Performance highlights (unaudited)
become a “meme” favorite, which allowed it to raise equity at an extraordinarily high valuation. PBF, a refiner, and Transocean, an oilfield services company, both benefitted from the broader recovery in HY energy companies but their over-levered balance sheets and unpredictable earnings streams make their bonds less attractive to the energy investments we selected (and discussed above).
Effective maturity distribution as of October 31, 20211
1 Figures represent the percentage of the Fund’s fixed-income securities. These amounts are subject to change and may have changed since the date specified.
Just as the unprecedented monetary policy support is behind us, so too is the majority of systemic spread compression. Looking forward, we expect tight spreads, more aggressive issuance, expected interest rate increases, and further COVID-19-related developments to be potential sources of volatility in high yield. Ultimately, we believe that generating attractive risk-adjusted carry and successfully navigating idiosyncratic credit risk will be paramount to generating outperformance.
 

Allspring Income Opportunities Fund  |  9


Objective, strategies and risks (unaudited)
Investment objective
The Fund seeks a high level of current income. The Fund may, as a secondary objective, also seek capital appreciation to the extent consistent with its primary investment objective. The Fund’s investment objectives are fundamental policies and may not be changed without the approval of a majority of the outstanding voting securities (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) of the Fund.
Principal investment strategies
Under normal market conditions, the Fund allocates at least 80% of its total assets to U.S. dollar-denominated below investment-grade bonds, debentures, and other income obligations, including loans and preferred stocks (often called “high yield” securities or “junk bonds”). These securities are rated Ba or lower by Moody’s or BB or lower by S&P, or are unrated securities of comparable quality as determined by the portfolio managers. We may invest in below investment-grade debt securities of any credit quality, however, we may not purchase securities rated CCC or below at a time when 20% of the Fund’s total assets are already held with such a rating. We are not required to sell securities rated CCC or below if the 20% limit is exceeded due to security downgrades. Securities may be issued by domestic or foreign issuers (including foreign governments). The Fund may invest up to 10% of its total assets in U.S. dollar-denominated securities of foreign issuers, excluding emerging markets securities.
For purposes of the Fund’s credit quality policies, if a security receives different ratings from nationally recognized securities rating organizations, the Fund will use the rating that the portfolio managers believe is most representative of the security’s credit quality. The Fund’s high yield securities may have fixed or variable principal payments and all types of interest rate and dividend payment and reset terms, including fixed rate, adjustable rate, contingent, deferred, payment in kind and auction rate features. The Fund may invest in securities with a broad range of maturities.
The Fund is managed following a rigorous investment process that emphasizes both quality and value. The research driven approach includes both a top-down review of macroeconomic factors and intensive, bottom-up scrutiny of individual securities. We consider both broad economic and issuer specific factors in selecting securities for the Fund. In assessing the appropriate maturity and duration for the Fund and the credit quality parameters and weighting objectives for each sector and industry, we consider a variety of factors that are expected to influence the economic environment and the dynamics of the high yield market. These factors include fundamental economic indicators, such as interest rate trends, the rates of economic growth and inflation, the performance of equity markets, commodities prices, Federal Reserve monetary policy and the relative value of the U.S. dollar compared to other currencies. Once we determine the preferable portfolio characteristics, we conduct further evaluation to determine capacity and inventory levels in each targeted industry. We also identify any circumstances that may lead to improved business conditions, thus increasing the attractiveness of a particular industry. We select individual securities based upon the terms of the securities (such as yields compared to U.S. Treasuries or comparable issues), liquidity and rating, sector and issuer diversification. We also employ due diligence and fundamental research to assess an issuer’s credit quality, taking into account financial condition and profitability, future capital needs, potential for change in rating, industry outlook, the competitive environment and management ability.
The analysis of issuers may include, among other things, historic and current financial conditions, current and anticipated cash flow and borrowing requirements, value of assets in relation to historical costs, strength of management, responsiveness to business conditions, credit standing, the company’s leverage versus industry norms and current and anticipated results of operations. While we consider as one factor in our credit analysis the ratings assigned by the rating services, we perform our own independent credit analysis of issuers.
In making decisions for the Fund, we rely on the knowledge, experience and judgment of our team who have access to a wide variety of research. We apply a strict sell discipline, which is as important as purchase criteria in determining the performance of the Fund. We routinely meet to review profitability outlooks and discuss any deteriorating business fundamentals, as well as consider changes in equity valuations and market perceptions before selling securities.
In other than normal market conditions, when changing economic conditions and other factors cause the yield difference between lower rated and higher rated securities to narrow, the Fund may purchase higher rated U.S. debt instruments if we believe that the risk of loss of income and principal may be reduced substantially with only a relatively small reduction in yield.
We regularly review the investments of the portfolio and may sell a portfolio holding when it has achieved its valuation target, there is deterioration in the underlying fundamental of the business, or we have identified a more attractive investment opportunity.
The Fund expects to issue preferred shares or debt securities, or to borrow money, for leveraging purposes. By using leverage, the Fund seeks to obtain a higher return for holders of common shares than if it did not use leverage. Leveraging is a

10  |  Allspring Income Opportunities Fund


Objective, strategies and risks (unaudited)
speculative technique, and there are special risks involved. There can be no assurance that any leveraging strategies, if employed by the Fund, will be successful, and such strategies can result in losses to the Fund.
In contrast to the investment objectives of the Fund, which are fundamental, the investment policies of the Fund described above are non-fundamental and may be changed by the Board of Trustees of the Fund so long as shareholders are provided with at least 60 days prior written notice of any change to the extent required by the rules under the 1940 Act.
Other investment techniques and strategies
As part of or in addition to the principal investment strategies discussed above, the Fund may at times invest a portion of its assets in the investment strategies and may use certain investment techniques as described below.
Convertible and Other Securities. The Fund’s investment in fixed income securities may include bonds and preferred stocks that are convertible into the equity securities of the issuer or a related company. The Fund will not invest more than 20% of its total assets in convertible securities. Depending upon the relationship of the conversion price to the market value of the underlying securities, convertible securities may trade more like equity securities than debt instruments. Consistent with its objectives and other investment policies, the Fund may also invest a portion of its assets in equity securities, including common stocks, depositary receipts, warrants, rights and other equity interests.
Loans. The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans in which the Fund invests primarily consist of direct obligations of a borrower. The Fund may invest in a loan at origination as a co-lender or by acquiring in the secondary market participations in, assignments of or novations of a corporate loan. By purchasing a participation, the Fund acquires some or all of the interest of a bank or other lending institution in a loan to a borrower. The participations typically will result in the Fund having a contractual relationship only with the lender, not the borrower. The Fund will have the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the borrower. Many such loans are secured, although some may be unsecured. Loans that are fully secured offer the Fund more protection than an unsecured loan in the event of non-payment of scheduled interest or principal. However, there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Direct debt instruments may involve a risk of loss in case of default or insolvency of the borrower and may offer less legal protection to the Fund in the event of fraud or misrepresentation. In addition, loan participations involve a risk of insolvency of the lending bank or other financial intermediary. The markets in loans are not regulated by federal securities laws or the U.S. Securities and Exchange Commission.
Preferred Shares. The Fund may invest in preferred shares. Preferred shares are equity securities, but they have many characteristics of fixed income securities, such as a fixed dividend payment rate and/or a liquidity preference over the issuer’s common shares. However, because preferred shares are equity securities, they may be more susceptible to risks traditionally associated with equity investments than the Fund’s fixed income securities.
Structured Securities. The Fund may invest in structured securities. The value of the principal and/or interest on such securities is determined by reference to changes in the value of specific currencies, interest rates, commodities, indices or other financial indicators (“Reference”) or the relative change in two or more References. The interest rate or the principal amount payable upon maturity or redemption may be increased or decreased depending upon changes in the Reference. The terms of the structured securities may provide in certain circumstances that no principal is due at maturity and, therefore, may result in a loss of the Fund’s investment. Changes in the interest rate or principal payable at maturity may be a multiple of the changes in the value of the Reference. Consequently, structured securities may entail a greater degree of market risk than other types of fixed income securities.
Asset-Backed Securities. The Fund may invest in asset-backed securities but will not invest in mortgage-backed securities. Asset-backed securities are securities that represent a participation in, or are secured by and payable from, a stream of payments generated by particular assets, most often a pool or pools of similar assets (e.g., trade receivables). The credit quality of these securities depends primarily upon the quality of the underlying assets and the level of credit support and/or enhancement provided.
The underlying assets (e.g., loans) are subject to prepayments which shorten the securities’ weighted average maturity and may lower their return. If required payments of principal and interest are not made and any credit support or enhancement is exhausted, losses or delays in payment may result. The value of these securities also may change because of changes in the market’s perception of the creditworthiness of the servicing agent for the pool, the originator of the pool, or the financial institution or Fund providing the credit support or enhancement.

Allspring Income Opportunities Fund  |  11


Objective, strategies and risks (unaudited)
Real Estate Investment Trusts.The Fund may invest a portion of its assets in real estate investment trusts (“REITs”). REITs primarily invest in income-producing real estate or real estate related loans or interests. REITs are generally classified as equity REITs, mortgage REITs, or a combination of equity and mortgage REITs. Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of interest payments. The Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests in addition to the expenses paid by the Fund. Distributions received by the Fund from REITs may consist of dividends, capital gains, and/or return of capital.
U.S. Government Securities.The Fund may invest in U.S. government securities, including debt securities issued or guaranteed by the U.S. Treasury, U.S. Government agencies or government-sponsored entities. These securities may have fixed, floating or variable rates.
Zero-Coupon, Step-Up Coupon, and Pay-in-Kind Securities. Zero-coupon, step-up coupon, and pay-in-kind securities are types of debt securities that do not make regular cash interest payments. Asset-backed securities, convertible securities, corporate debt securities, foreign securities, high yield securities, mortgage-backed securities, municipal securities, participation interests, stripped securities, U.S. Government and related obligations and other types of debt instruments may be structured as zero-coupon, step-up coupon, and pay-in-kind securities.
Instead of making periodic interest payments, zero-coupon securities are sold at discounts from face value. The interest earned by the investor from holding this security to maturity is the difference between the maturity value and the purchase price. Step-up coupon bonds are debt securities that do not pay interest for a specified period of time and then, after the initial period, pay interest at a series of different rates. Pay-in-kind securities normally give the issuer an option to pay cash at a coupon payment date or to give the holder of the security a similar security with the same coupon rate and a face value equal to the amount of the coupon payment that would have been made. To the extent these securities do not pay current cash income, the market prices of these securities would generally be more volatile and likely to respond to a greater degree to changes in interest rates than the market prices of securities that pay cash interest periodically having similar maturities and credit qualities.
Investments in Equity Securities. The Fund may invest in equity securities. Equity securities, such as common stock, generally represent an ownership interest in a company. While equity securities have historically generated higher average returns than fixed income securities, equity securities have also experienced significantly more volatility in those returns. An adverse event, such as an unfavorable earnings report, may depress the value of a particular equity security held by the Fund. Also, the price of equity securities, particularly common stocks, are sensitive to general movements in the stock market. A drop in the stock market may depress the price of equity securities held by the Fund.
Other Investment Companies. The Fund may invest in other investment companies to the extent permitted under the 1940 Act and the rules, regulations, and exemptive orders thereunder. The Fund, as a holder of the securities of other investment companies, will bear its pro rata portion of the other investment companies’ expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund’s own operations.
Defensive and Temporary Investments. The Fund may hold some of its assets in cash or in money market instruments, including U.S. Government obligations, shares of other mutual funds and repurchase agreements, or make other short-term investments for purposes of maintaining liquidity or for short-term defensive purposes when we believe it is in the best interests of the shareholders to do so. During these periods, the Fund may not achieve its objectives.
Derivatives. The Fund may invest up to 10% of its total assets in futures and options on securities and indices and in other derivatives. In addition, the Fund may enter into interest rate swap transactions with respect to the total amount the Fund is leveraged in order to hedge against adverse changes in interest rates affecting dividends payable on any preferred shares or interest payable on borrowings constituting leverage. In connection with any such swap transaction, the Fund will segregate liquid securities in the amount of its obligations under the transaction. A derivative is a security or instrument whose value is determined by reference to the value or the change in value of one or more securities, currencies, indices or other financial instruments. The Fund does not use derivatives as a primary investment technique and generally does not anticipate using derivatives for non-hedging purposes. In the event the Advisor uses derivatives for non-hedging purposes, no more than 3% of the Fund’s total assets will be committed to initial margin for derivatives for such purposes. The Fund may use derivatives for a variety of purposes, including:
As a hedge against adverse changes in securities market prices or interest rates; and
As a substitute for purchasing or selling securities.

12  |  Allspring Income Opportunities Fund


Objective, strategies and risks (unaudited)
Repurchase Agreements. The Fund may enter into repurchase agreements with broker-dealers, member banks of the Federal Reserve System and other financial institutions. Repurchase agreements are arrangements under which the Fund purchases securities and the seller agrees to repurchase the securities within a specific time and at a specific price. We review and monitor the creditworthiness of any institution which enters into a repurchase agreement with the Fund. The counterparty’s obligations under the repurchase agreement are collateralized with U.S. Treasury and/or agency obligations with a market value of not less than 100% of the obligations, valued daily. Collateral is held by the Fund’s custodian in a segregated, safekeeping account for the benefit of the Fund. Repurchase agreements afford the Fund an opportunity to earn income on temporarily available cash at low risk. In the event that the counterparty to a repurchase agreement is unwilling or unable to fulfill its contractual obligations to repurchase the underlying security, the Fund may lose money, suffer delays, or incur costs arising from holding or selling the underlying security.
Portfolio Turnover. It is the policy of the Fund not to engage in trading for short-term profits although portfolio turnover is not considered a limiting factor in the execution of investment decisions for the Fund.
Principal risks
An investment in the Fund may lose money, is not a deposit of a bank, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.
Market Risk. The values of, and/or the income generated by, securities held by the Fund may decline due to general market conditions or other factors, including those directly involving the issuers of such securities. Securities markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or indirect effects on the Fund and its investments. In addition, economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.
Debt Securities Risk. Debt securities are subject to credit risk and interest rate risk. Credit risk is the possibility that the issuer or guarantor of a debt security may be unable, or perceived to be unable, to pay interest or repay principal when they become due. In these instances, the value of an investment could decline, and the Fund could lose money. Credit risk increases as an issuer’s credit quality or financial strength declines. Interest rate risk is the possibility that interest rates will change over time. When interest rates rise, the value of debt securities tends to fall. The longer the terms of the debt securities held by a Fund, the more the Fund is subject to this risk. If interest rates decline, interest that the Fund is able to earn on its investments in debt securities may also decline, which could cause the Fund to reduce the dividends it pays to shareholders, but the value of those securities may increase. Very low or negative interest rates may magnify interest rate risk.
High Yield Securities Risk.High yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) have a much greater risk of default (or in the case of bonds currently in default, of not returning principal) and their values tend to be more volatile than higher-rated securities with similar maturities. Additionally, these securities tend to be less liquid and more difficult to value than higher-rated securities.
Asset-Backed Securities Risk.Asset-backed securities are securities that represent a participation in, or are secured by and payable from, a stream of payments generated by particular assets, most often a pool or pools of similar assets (e.g., trade receivables). The credit quality of these securities depends primarily upon the quality of the underlying assets and the level of credit support and/or enhancement provided. Asset-backed securities are subject to risk of default on the underlying assets, particularly during periods of economic downturn. Defaults on the underlying assets may cause such securities to decline in value and become less liquid. Rising interest rates tend to extend the duration of these securities, making them more sensitive to changes in interest rates than instruments with fixed payment schedules. As a result, in a period of rising interest rates, these securities may exhibit additional volatility.
When interest rates decline or are low, borrowers may pay off their debts sooner than expected, which can reduce the returns of the Fund.
The underlying assets (e.g., loans) are subject to prepayments which shorten the securities’ weighted average maturity and may lower their return. If required payments of principal and interest are not made and any credit support or enhancement is exhausted, losses or delays in payment may result. The value of these securities also may change because of changes in the

Allspring Income Opportunities Fund  |  13


Objective, strategies and risks (unaudited)
market’s perception of the creditworthiness of the servicing agent for the pool, the originator of the pool, or the financial institution or Fund providing the credit support or enhancement.
Leverage Risk. The use of leverage through the issuance of preferred shares and/or debt securities, or from borrowing money, may result in certain risks to the Fund as described below. Certain transactions, such as derivatives, also may give rise to a form of economic leverage. Leveraging is a speculative technique, and there are special risks involved, including the risk that downside outcomes for common shareholders are magnified as a result of losses and declines in value of portfolio securities purchased with borrowed money. In addition, the costs of the financial leverage may exceed the income from investments made with such leverage, interest rates or dividends payable on the financial leverage may affect the yield and distributions to the common shareholders, and the net asset value and market value of common shares may be more volatile than if the Fund had not been leveraged. The use of leverage may cause the Fund to have to liquidate portfolio positions when it may not be advantageous to do so. There can be no assurance that any leveraging strategies will be successful.
Because many derivatives have a leverage component (i.e., a notional value in excess of the assets needed to establish and/or maintain the derivative position), adverse changes in the value or level of the underlying asset, rate or index may result in a loss substantially greater than the amount invested in the derivative itself.
Anti-takeover Provisions Risk. The Fund’s governing documents include provisions that could limit the ability of other entities or persons to acquire control of the Fund or to change the composition of its Board of Trustees. Such provisions could limit the ability of shareholders to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund. These provisions include staggered terms of office for the Trustees, advance notice requirements for shareholder proposals, and supermajority voting requirements for open-ending the Fund or a merger, liquidation, asset sale or similar transactions.
Closed-end Fund Risk. Closed-end funds involve investment risks different from those associated with other investment companies. Shares of closed-end funds frequently trade at either a premium or discount relative to their net asset value (“NAV”). There can be no assurance that the discount will decrease. It is possible that a market discount may increase and the Fund may suffer realized or unrealized capital losses due to further decline in the market price of the securities held by the Fund, thereby adversely affecting the NAV of the Fund’s shares. Similarly, there can be no assurance that the Fund’s shares will trade at a premium, will continue to trade at a premium or that the premium will not decrease over time.
Convertible Securities Risk. A convertible security has characteristics of both equity and debt securities and, as a result, is exposed to risks that are typically associated with both types of securities. The market value of a convertible security tends to decline as interest rates increase but also tends to reflect changes in the market price of the common stock of the issuing company. A convertible security is also exposed to the risk that an issuer is unable to meet its obligation to make dividend or interest and principal payments when due as a result of changing financial or market conditions. In the event of a liquidation of the issuer, holders of a convertible security would generally be paid only after holders of any senior debt obligations. The Fund may be forced to convert a convertible security before it would otherwise choose to do so, which may decrease the Fund’s return.
Derivatives Risk. The use of derivatives, such as futures, options and swap agreements, presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. The use of derivatives can lead to losses because of adverse movements in the price or value of the derivatives’ underlying assets, indexes or rates and the derivatives themselves, which may be magnified by certain features of the derivatives. These risks are heightened when derivatives are used to enhance the Fund’s return or as a substitute for a position or security, rather than solely to hedge (or mitigate) the risk of a position or security held by the Fund. The success of a derivative strategy will be affected by the portfolio manager’s ability to assess and predict market or economic developments and their impact on the derivatives’ underlying assets, indexes or rates and the derivatives themselves. Certain derivative instruments may become illiquid and, as a result, may be difficult to sell when the portfolio manager believes it would be appropriate to do so. Certain derivatives create leverage, which can magnify the impact of a decline in the value of their underlying assets, indexes or rates and increase the volatility of the Fund’s net asset value. Certain derivatives (e.g., over-the-counter swaps) are also subject to the risk that the counterparty to the derivative contract will be unwilling or unable to fulfill its contractual obligations, which may cause the Fund to lose money, suffer delays or incur costs arising from holding or selling an underlying asset. Changes in laws or regulations may make the use of derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the use, value or performance of derivatives.
Equity Securities Risk. The values of equity securities may experience periods of substantial price volatility and may decline significantly over short time periods. In general, the values of equity securities are more volatile than those of debt securities. Equity securities fluctuate in value and price in response to factors specific to the issuer of the security, such as management

14  |  Allspring Income Opportunities Fund


Objective, strategies and risks (unaudited)
performance, financial condition, and market demand for the issuer’s products or services, as well as factors unrelated to the fundamental condition of the issuer, including general market, economic and political conditions. Different parts of a market, industry and sector may react differently to adverse issuer, market, regulatory, political, and economic developments.
Foreign Investment Risk.Foreign investments may be subject to lower liquidity, greater price volatility and risks related to adverse political, regulatory, market or economic developments. Foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Foreign investments may involve exposure to changes in foreign currency exchange rates. Such changes may reduce the U.S. dollar value of the investments. Foreign investments may be subject to additional risks such as potentially higher withholding and other taxes, and may also be subject to greater trade settlement, custodial, and other operational risks than domestic investments. Certain foreign markets may also be characterized by less stringent investor protection and disclosure standards.
Futures Contracts Risk. A Fund that uses futures contracts, which are a type of derivative, is subject to the risk of loss caused by unanticipated market movements. In addition, there may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their underlying instruments or indexes, and there may at times not be a liquid secondary market for certain futures contracts.
Inflation Risk. Inflation risk is the risk that the value of assets or income from the Fund’s investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real, or inflation-adjusted, value of the common shares and distributions can decline and the dividend payments on the Fund’s preferred shares, if any, or interest payments on Fund borrowings, if any, may increase.
Issuer Risk. The value of corporate income-producing securities may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods and services.
Loan Risk. Loans may be unrated, less liquid and more difficult to value than traditional debt securities. Loans may be made to finance highly leveraged corporate operations or acquisitions. The highly leveraged capital structure of the borrowers in such transactions may make such loans especially vulnerable to adverse changes in financial, economic or market conditions. Loans generally are subject to restrictions on transfer, and only limited opportunities may exist to sell such loans in secondary markets. As a result, the Fund may be unable to sell loans at a desired time or price. If the Fund acquires only an assignment or a participation in a loan made by a third party, the Fund may not be able to control amendments, waivers or the exercise of any remedies that a lender would have under a direct loan and may assume liability as a lender.
Management Risk. Investment decisions, techniques, analyses or models implemented by the Fund’s manager or sub-advisor in seeking to achieve the Fund’s investment objectives may not produce the returns expected, may cause the Fund’s shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.
Market Price of Shares Risk.Whether investors will realize a gain or loss upon the sale of the Fund’s common shares will depend upon whether the market value of the shares at the time of sale is above or below the price the investor paid, taking into account transaction costs, for the shares and is not directly dependent upon the Fund’s net asset value. Because the market value of the Fund’s shares will be determined by factors such as the relative demand for and supply of the shares in the market, general market conditions and other factors beyond the control of the Fund, the Fund cannot predict whether its common shares will trade at, below or above net asset value, or below or above the initial offering price for the shares.
Options Risk. A Fund that purchases options, which are a type of derivative, is subject to the risk that gains, if any, realized on the position, will be less than the amount paid as premiums to the writer of the option. A Fund that writes options receives a premium that may be small relative to the loss realized in the event of adverse changes in the value of the underlying instruments. A Fund that writes covered call options gives up the opportunity to profit from any price increase in the underlying security above the option exercise price while the option is in effect. Options may be more volatile than the underlying instruments. In addition, there may at times be an imperfect correlation between the movement in values of options and their underlying securities and there may at times not be a liquid secondary market for certain options.
Prepayment Risk. During periods of declining interest rates, the issuer of a security may exercise its option to prepay principal earlier than scheduled, forcing the Fund to reinvest in lower yielding securities. This is known as call or prepayment risk. Debt securities frequently have call features that allow the issuer to repurchase the security prior to its stated maturity. An issuer may redeem an obligation if the issuer can refinance the debt at a lower cost due to declining interest rates or an improvement in the credit standing of the issuer.

Allspring Income Opportunities Fund  |  15


Objective, strategies and risks (unaudited)
Reinvestment Risk. Reinvestment risk is the risk that income from the Fund’s bond portfolio will decline if and when the Fund invests the proceeds from matured, traded or called bonds at market interest rates that are below the portfolio’s current earnings rate. A decline in income could affect the common shares’ market price or their overall returns.
U.S. Government Obligations Risk. U.S. Government obligations may be adversely impacted by changes in interest rates, and securities issued or guaranteed by U.S. Government agencies or government-sponsored entities may not be backed by the full faith and credit of the U.S. Government.

16  |  Allspring Income Opportunities Fund


Portfolio of investments—October 31, 2021 (unaudited)

        Shares Value
Common stocks: 1.67%          
Energy: 1.06%          
Energy equipment & services: 0.54%           
Bristow Group Incorporated            86,498 $   2,992,831
Oil, gas & consumable fuels: 0.52%           
Denbury Incorporated            24,567    2,079,842
Whiting Petroleum Corporation            11,781      767,296
             2,847,138
Financials: 0.61%          
Mortgage REITs: 0.61%           
Blackstone Mortgage Trust Incorporated Class A            34,635    1,139,492
Ladder Capital Corporation            95,964    1,151,568
Starwood Property Trust Incorporated            42,896    1,092,561
             3,383,621
Total Common stocks (Cost $5,849,653)            9,223,590
    
    Interest
rate
Maturity
date
Principal  
Corporate bonds and notes: 108.47%          
Communication services: 17.56%          
Diversified telecommunication services: 2.08%          
Cablevision Lightpath LLC 144A   5.63% 9-15-2028 $ 1,575,000    1,556,825
Cablevision Lightpath LLC 144A   3.88 9-15-2027    480,000      467,376
Frontier Communications Corporation 144A   5.88 10-15-2027    510,000      534,225
Frontier Communications Corporation 144A   6.00 1-15-2030    280,000      281,324
Level 3 Financing Incorporated 144A   3.63 1-15-2029  2,405,000    2,275,635
Level 3 Financing Incorporated 144A   4.25 7-1-2028  1,250,000    1,235,800
Windstream Corporation 144A   7.75 8-15-2028  1,560,000    1,650,059
Zayo Group Holdings Incorporated 144A   6.13 3-1-2028   3,575,000    3,489,325
            11,490,569
Entertainment: 1.39%          
Live Nation Entertainment Incorporated 144A   3.75 1-15-2028    685,000      678,150
Live Nation Entertainment Incorporated 144A   5.63 3-15-2026    764,000      789,785
Live Nation Entertainment Incorporated 144A   6.50 5-15-2027  3,075,000    3,367,125
Seaworld Parks & Entertainment 144A   5.25 8-15-2029   2,815,000    2,867,781
             7,702,841
Interactive media & services: 0.82%          
Rackspace Technology Company 144A   5.38 12-1-2028  4,695,000    4,518,938
Media: 12.96%          
Block Communications Incorporated 144A   4.88 3-1-2028    400,000      408,000
CCO Holdings LLC 144A   4.50 8-15-2030  7,150,000    7,277,842
CCO Holdings LLC 144A   4.50 5-1-2032    850,000      854,021
CCO Holdings LLC 144A   5.00 2-1-2028 375,000 390,000
CCO Holdings LLC 144A   5.13 5-1-2027 750,000 777,188
CCO Holdings LLC 144A   5.50 5-1-2026 163,000 168,379
Cinemark USA Incorporated 144A   5.25 7-15-2028 3,630,000 3,541,519
The accompanying notes are an integral part of these financial statements.

Allspring Income Opportunities Fund  |  17


Portfolio of investments—October 31, 2021 (unaudited)

    Interest
rate
Maturity
date
Principal Value
Media (continued)          
Cinemark USA Incorporated 144A   5.88% 3-15-2026 $   980,000 $      982,450
Cinemark USA Incorporated 144A   8.75 5-1-2025  1,110,000    1,187,700
Clear Channel Outdoor Holdings 144A   5.13 8-15-2027  1,000,000    1,025,750
Clear Channel Outdoor Holdings 144A   7.75 4-15-2028  1,690,000    1,749,919
CSC Holdings LLC 144A   4.13 12-1-2030  2,665,000    2,551,738
CSC Holdings LLC 144A   4.63 12-1-2030  2,400,000    2,199,000
CSC Holdings LLC 144A   5.38 2-1-2028  1,125,000    1,158,750
CSC Holdings LLC 144A   5.75 1-15-2030  6,000,000    5,920,200
CSC Holdings LLC 144A   7.50 4-1-2028  2,150,000    2,287,063
Diamond Sports Group LLC 144A   5.38 8-15-2026  1,525,000      861,625
Diamond Sports Group LLC 144A   6.63 8-15-2027    835,000      249,010
DIRECTV Holdings LLC 144A   5.88 8-15-2027    235,000      243,613
Gray Escrow II Incorporated 144A%%   5.38 11-15-2031  3,270,000    3,302,700
Gray Television Incorporated 144A   4.75 10-15-2030  4,300,000    4,241,445
Nexstar Broadcasting Incorporated 144A   4.75 11-1-2028  2,460,000    2,513,259
Nexstar Broadcasting Incorporated 144A   5.63 7-15-2027  3,900,000    4,114,500
Nielsen Finance LLC 144A   5.63 10-1-2028  4,330,000    4,502,053
Nielsen Finance LLC 144A   5.88 10-1-2030  5,350,000    5,600,380
Outfront Media Capital Corporation 144A   4.63 3-15-2030  1,600,000    1,599,520
Outfront Media Capital Corporation 144A   5.00 8-15-2027    305,000      311,100
QVC Incorporated   4.75 2-15-2027    400,000      418,752
Salem Media Group Incorporated 144A   6.75 6-1-2024  3,761,000    3,775,104
Scripps Escrow II Incorporated 144A   5.38 1-15-2031  2,325,000    2,275,594
Scripps Escrow II Incorporated 144A   5.88 7-15-2027 400,000 406,000
Scripps Escrow II Incorporated 144A   3.88 1-15-2029 525,000 522,375
Townsquare Media Incorporated 144A   6.88 2-1-2026 4,090,000 4,274,050
          71,690,599
Wireless telecommunication services: 0.31%          
Consolidated Communications Holdings Incorporated 144A   6.50 10-1-2028 1,615,000 1,719,797
Consumer discretionary: 12.86%          
Auto components: 2.39%          
Allison Transmission Incorporated 144A   5.88 6-1-2029 640,000 688,800
Clarios Global LP 144A   6.25 5-15-2026 293,000 306,551
Clarios Global LP 144A   6.75 5-15-2025 180,000 189,652
Clarios Global LP 144A   8.50 5-15-2027 3,885,000 4,126,919
Cooper Tire & Rubber Company   7.63 3-15-2027 5,190,000 6,078,891
Tenneco Incorporated 144A   5.13 4-15-2029 1,840,000 1,823,900
          13,214,713
Automobiles: 0.20%          
Ford Motor Company   9.00 4-22-2025 425,000 511,063
Ford Motor Company   9.63 4-22-2030 425,000 612,268
          1,123,331
Diversified consumer services: 1.91%          
Service Corporation International   7.50 4-1-2027 8,700,000 10,570,500
Hotels, restaurants & leisure: 5.49%          
Carnival Corporation 144A   10.50 2-1-2026 935,000 1,086,470
Carnival Corporation 144A   4.00 8-1-2028 2,240,000 2,240,000
Carnival Corporation 144A%%   6.00 5-1-2029 1,870,000 1,868,831
Carnival Corporation 144A   7.63 3-1-2026 2,808,000 2,958,481
The accompanying notes are an integral part of these financial statements.

18  |  Allspring Income Opportunities Fund


Portfolio of investments—October 31, 2021 (unaudited)

    Interest
rate
Maturity
date
Principal Value
Hotels, restaurants & leisure (continued)          
Carnival Corporation 144A   9.88% 8-1-2027 $ 1,500,000 $    1,726,875
CCM Merger Incorporated 144A   6.38 5-1-2026  3,610,000    3,781,475
NCL Corporation Limited 144A   5.88 3-15-2026  1,785,000    1,789,463
NCL Corporation Limited 144A   12.25 5-15-2024  5,045,000    5,951,233
Royal Caribbean Cruises Limited 144A   5.50 8-31-2026  1,055,000    1,074,781
Royal Caribbean Cruises Limited 144A   5.50 4-1-2028  1,960,000    1,994,300
Royal Caribbean Cruises Limited 144A   9.13 6-15-2023  3,825,000    4,153,109
Royal Caribbean Cruises Limited 144A   10.88 6-1-2023   1,525,000    1,706,094
            30,331,112
Household durables: 0.54%          
WASH Multifamily Acquisition Incorporated 144A   5.75 4-15-2026  2,870,000    2,966,863
Specialty retail: 2.06%          
Asbury Automotive Group Incorporated   4.75 3-1-2030  1,069,000    1,090,380
Asbury Automotive Group Incorporated    4.50 3-1-2028  1,162,000    1,182,335
Group 1 Automotive Incorporated 144A   4.00 8-15-2028  1,860,000    1,860,372
Lithia Motors Incorporated 144A   3.88 6-1-2029  1,195,000    1,238,319
Lithia Motors Incorporated 144A   4.63 12-15-2027    400,000      422,898
NMG Holding Company Incorporated 144A   7.13 4-1-2026  3,125,000    3,282,188
Rent-A-Center Incorporated 144A   6.38 2-15-2029   2,235,000    2,335,575
            11,412,067
Textiles, apparel & luxury goods: 0.27%          
The William Carter Company 144A   5.50 5-15-2025    400,000      418,500
The William Carter Company 144A   5.63 3-15-2027   1,050,000    1,088,063
          1,506,563
Consumer staples: 1.14%          
Food products: 1.14%          
CHS Incorporated 144A   6.00 1-15-2029 125,000 131,563
CHS Incorporated 144A   6.63 2-15-2025 2,165,000 2,251,600
CHS Incorporated 144A   6.88 4-15-2029 3,835,000 3,945,256
          6,328,419
Energy: 22.71%          
Energy equipment & services: 4.37%          
Bristow Group Incorporated ♦†   6.25 10-15-2022 9,325,000 0
Bristow Group Incorporated 144A   6.88 3-1-2028 4,820,000 5,000,750
Hilcorp Energy Company 144A   5.75 2-1-2029 835,000 847,525
Hilcorp Energy Company 144A   6.00 2-1-2031 835,000 857,022
Hilcorp Energy Company 144A   6.25 11-1-2028 1,450,000 1,488,135
Oceaneering International Incorporated   4.65 11-15-2024 300,000 311,625
Oceaneering International Incorporated   6.00 2-1-2028 4,050,000 4,164,858
Pattern Energy Operations LP 144A   4.50 8-15-2028 6,750,000 6,986,250
USA Compression Partners LP    6.88 4-1-2026 2,150,000 2,222,563
W.R. Grace Holdings LLC 144A   5.63 8-15-2029 2,275,000 2,294,906
          24,173,634
Oil, gas & consumable fuels: 18.34%          
Aethon United 144A   8.25 2-15-2026 3,555,000 3,818,817
Antero Resources Corporation   5.00 3-1-2025 2,550,000 2,601,000
The accompanying notes are an integral part of these financial statements.

Allspring Income Opportunities Fund  |  19


Portfolio of investments—October 31, 2021 (unaudited)

    Interest
rate
Maturity
date
Principal Value
Oil, gas & consumable fuels (continued)          
Antero Resources Corporation 144A   8.38% 7-15-2026 $   361,000 $      406,125
Archrock Partners LP 144A   6.25 4-1-2028  1,785,000    1,847,475
Archrock Partners LP 144A   6.88 4-1-2027  1,375,000    1,433,438
Buckeye Partners LP    5.85 11-15-2043  2,375,000    2,341,513
Cheniere Energy Partners LP 144A   3.25 1-31-2032  1,835,000    1,818,852
Cheniere Energy Partners LP    4.50 10-1-2029  1,075,000    1,147,756
Cheniere Energy Partners LP 144A   5.50 6-15-2031  3,575,000    3,718,000
DCP Midstream Operating Company   5.13 5-15-2029  5,000,000    5,662,600
DT Midstream Incorporated 144A   4.13 6-15-2029    935,000      941,685
DT Midstream Incorporated 144A   4.38 6-15-2031    935,000      947,305
Encino Acquisition Partners Company 144A   8.50 5-1-2028  5,435,000    5,679,575
EnLink Midstream Partners LP    5.05 4-1-2045  3,350,000    3,190,875
EnLink Midstream Partners LP    5.38 6-1-2029  5,850,000    6,054,750
EnLink Midstream Partners LP    5.60 4-1-2044  2,196,000    2,154,056
EnLink Midstream Partners LP 144A   5.63 1-15-2028    525,000      556,675
Enviva Partners LP 144A   6.50 1-15-2026  6,275,000    6,489,983
Harvest Midstream LP 144A   7.50 9-1-2028  1,935,000    2,031,750
Hess Midstream Operation Company 144A   4.25 2-15-2030  1,625,000    1,625,000
Murphy Oil Corporation   5.75 8-15-2025    360,000      369,000
Murphy Oil Corporation   5.88 12-1-2027    400,000      416,500
Murphy Oil Corporation   6.38 7-15-2028  3,090,000    3,263,982
New Fortress Energy Incorporated 144A   6.50 9-30-2026  4,710,000    4,577,366
Occidental Petroleum Corporation   4.63 6-15-2045  4,550,000    4,709,250
Occidental Petroleum Corporation   6.20 3-15-2040 1,425,000 1,726,480
Occidental Petroleum Corporation   6.45 9-15-2036 7,470,000 9,505,575
Range Resources Corporation 144A   8.25 1-15-2029 555,000 626,595
Rockies Express Pipeline LLC 144A   6.88 4-15-2040 4,767,000 5,398,628
Rockies Express Pipeline LLC 144A   7.50 7-15-2038 1,150,000 1,313,875
Southwestern Energy Company   7.75 10-1-2027 2,650,000 2,845,438
Southwestern Energy Company   8.38 9-15-2028 1,510,000 1,683,650
Tallgrass Energy Partners LP 144A   6.00 12-31-2030 3,495,000 3,495,769
Tallgrass Energy Partners LP 144A   6.00 9-1-2031 1,125,000 1,106,719
Western Midstream Operating LP    5.30 2-1-2030 1,860,000 2,039,025
Western Midstream Operating LP    5.30 3-1-2048 3,181,000 3,705,865
Western Midstream Operating LP    6.50 2-1-2050 150,000 179,547
          101,430,494
Financials: 15.19%          
Capital markets: 0.96%          
Coinbase Global Incorporated 144A   3.63 10-1-2031 1,905,000 1,814,513
Oppenheimer Holdings Incorporated    5.50 10-1-2025 3,320,000 3,486,000
          5,300,513
Consumer finance: 6.55%          
Acuris Finance U.S. Incorporated 144A   5.00 5-1-2028 1,285,000 1,265,725
FirstCash Incorporated 144A   4.63 9-1-2028 1,230,000 1,268,438
Ford Motor Credit Company LLC    4.00 11-13-2030 910,000 949,813
Ford Motor Credit Company LLC    4.39 1-8-2026 4,200,000 4,494,000
Ford Motor Credit Company LLC    5.11 5-3-2029 5,825,000 6,473,031
Ford Motor Credit Company LLC    5.13 6-16-2025 850,000 922,250
LFS Topco LLC 144A   5.88 10-15-2026 1,380,000 1,419,675
Navient Corporation   5.00 3-15-2027 2,960,000 3,018,401
Navient Corporation   5.63 8-1-2033 1,900,000 1,802,511
PRA Group Incorporated 144A   5.00 10-1-2029 4,580,000 4,525,910
The accompanying notes are an integral part of these financial statements.

20  |  Allspring Income Opportunities Fund


Portfolio of investments—October 31, 2021 (unaudited)

    Interest
rate
Maturity
date
Principal Value
Consumer finance (continued)          
Rocket Mortgage LLC 144A   2.88% 10-15-2026 $ 2,875,000 $    2,855,234
Springleaf Finance Corporation   5.38 11-15-2029  2,400,000    2,562,000
Springleaf Finance Corporation   6.63 1-15-2028    350,000      392,875
Springleaf Finance Corporation   7.13 3-15-2026  2,450,000    2,780,750
Springleaf Finance Corporation   8.25 10-1-2023   1,342,000    1,491,298
            36,221,911
Diversified financial services: 2.00%          
Hat Holdings LLC 144A   3.38 6-15-2026  1,830,000    1,813,988
Jefferies Finance LLC 144A   5.00 8-15-2028  2,160,000    2,189,290
LPL Holdings Incorporated 144A   4.38 5-15-2031  3,205,000    3,281,119
LPL Holdings Incorporated   4.63 11-15-2027    575,000      592,250
United Shore Financial Services LLC 144A   5.50 11-15-2025   3,200,000    3,184,000
            11,060,647
Insurance: 2.40%          
Amwins Group Incorporated 144A   4.88 6-30-2029  3,240,000    3,229,891
Broadstreet Partners Incorporated 144A   5.88 4-15-2029  3,745,000    3,679,463
Genworth Mortgage Holding Incorporated 144A   6.50 8-15-2025  4,390,000    4,807,050
HUB International Limited 144A   7.00 5-1-2026   1,475,000    1,521,094
            13,237,498
Mortgage REITs: 1.04%          
Blackstone Mortgage Trust Incorporated 144A   3.75 1-15-2027    890,000      885,417
Starwood Property Trust Incorporated   4.75 3-15-2025  2,135,000    2,243,672
Starwood Property Trust Incorporated   5.00 12-15-2021    500,000      500,625
Starwood Property Trust Incorporated 144A   5.50 11-1-2023 2,035,000 2,136,750
          5,766,464
Thrifts & mortgage finance: 2.24%          
Ladder Capital Finance Holdings LP 144A   4.25 2-1-2027 1,850,000 1,859,232
Ladder Capital Finance Holdings LP 144A   4.75 6-15-2029 3,005,000 3,027,538
Ladder Capital Finance Holdings LP 144A   5.25 10-1-2025 3,890,000 3,919,175
United Wholesale Mortgage LLC 144A   5.50 4-15-2029 3,690,000 3,588,525
          12,394,470
Health care: 6.86%          
Health care equipment & supplies: 0.98%          
Avantor Funding Incorporated 144A   3.88 11-1-2029 1,210,000 1,209,613
Mozart Debt Merger Sub Incorporated 144A   5.25 10-1-2029 2,725,000 2,765,875
Surgery Center Holdings Incorporated 144A   6.75 7-1-2025 1,400,000 1,424,500
          5,399,988
Health care providers & services: 4.23%          
180 Medical Incorporated 144A   3.88 10-15-2029 1,075,000 1,081,060
AdaptHealth LLC 144A   4.63 8-1-2029 720,000 711,900
Air Methods Corporation 144A   8.00 5-15-2025 3,270,000 2,501,527
Davita Incorporated 144A   4.63 6-1-2030 1,625,000 1,633,060
Encompass Health Corporation   4.50 2-1-2028 600,000 610,859
Encompass Health Corporation   4.75 2-1-2030 550,000 563,750
Encompass Health Corporation    4.63 4-1-2031 520,000 529,100
HealthSouth Corporation   5.75 9-15-2025 1,725,000 1,761,656
Magellan Health Incorporated   4.90 9-22-2024 990,000 1,083,822
The accompanying notes are an integral part of these financial statements.

Allspring Income Opportunities Fund  |  21


Portfolio of investments—October 31, 2021 (unaudited)

    Interest
rate
Maturity
date
Principal Value
Health care providers & services (continued)          
MPT Operating Partnership LP    5.25% 8-1-2026 $ 3,200,000 $    3,296,000
Select Medical Corporation 144A   6.25 8-15-2026  3,840,000    4,016,511
Tenet Healthcare Corporation 144A   4.63 6-15-2028    425,000      440,406
Tenet Healthcare Corporation 144A   4.88 1-1-2026  2,950,000    3,023,750
Tenet Healthcare Corporation 144A   5.13 11-1-2027    650,000      679,250
Tenet Healthcare Corporation 144A   6.25 2-1-2027    625,000      649,219
Tenet Healthcare Corporation 144A   7.50 4-1-2025    400,000      424,500
Vizient Incorporated 144A   6.25 5-15-2027       375,000      393,041
            23,399,411
Health care technology: 1.19%          
Change Healthcare Holdings Incorporated 144A   5.75 3-1-2025  6,550,000    6,599,125
Life sciences tools & services: 0.28%          
Ortho-Clinical Diagnostics Incorporated 144A   7.25 2-1-2028    270,000      287,550
Ortho-Clinical Diagnostics Incorporated 144A   7.38 6-1-2025   1,191,000    1,250,312
             1,537,862
Pharmaceuticals: 0.18%          
Bausch Health Companies Incorporated 144A   8.50 1-31-2027    925,000      981,656
Industrials: 13.85%          
Aerospace & defense: 1.67%          
Spirit AeroSystems Holdings Incorporated 144A   5.50 1-15-2025    910,000      947,538
Spirit AeroSystems Holdings Incorporated 144A   7.50 4-15-2025  1,125,000    1,187,719
TransDigm Group Incorporated   4.88 5-1-2029  3,675,000    3,685,772
TransDigm Group Incorporated 144A   6.25 3-15-2026  1,650,000    1,722,188
TransDigm Group Incorporated    7.50 3-15-2027 1,620,000 1,698,975
          9,242,192
Airlines: 5.02%          
American Airlines Group Incorporated 144A   5.50 4-20-2026 3,750,000 3,933,750
American Airlines Group Incorporated 144A   5.75 4-20-2029 4,670,000 5,026,088
Delta Air Lines Incorporated   3.75 10-28-2029 1,985,000 2,017,111
Delta Air Lines Incorporated 144A   4.75 10-20-2028 2,185,000 2,426,292
Hawaiian Airlines Incorporated   3.90 7-15-2027 2,406,223 2,391,383
Hawaiian Brand Intellectual Property Limited 144A   5.75 1-20-2026 5,025,000 5,276,250
Mileage Plus Holdings LLC 144A   6.50 6-20-2027 3,415,000 3,716,749
United Airlines Incorporated 144A   4.63 4-15-2029 2,875,000 2,964,068
          27,751,691
Commercial services & supplies: 1.77%          
CoreCivic Incorporated   8.25 4-15-2026 2,640,000 2,698,212
IAA Spinco Incorporated 144A   5.50 6-15-2027 3,650,000 3,791,438
Plastipak Holdings Incorporated 144A   6.25 10-15-2025 3,225,000 3,283,469
          9,773,119
Construction & engineering: 0.77%          
Great Lakes Dredge & Dock Company 144A   5.25 6-1-2029 4,206,000 4,278,638
Machinery: 1.85%          
Meritor Incorporated 144A   4.50 12-15-2028 1,765,000 1,756,175
The accompanying notes are an integral part of these financial statements.

22  |  Allspring Income Opportunities Fund


Portfolio of investments—October 31, 2021 (unaudited)

    Interest
rate
Maturity
date
Principal Value
Machinery (continued)          
Stevens Holding Company Incorporated 144A   6.13% 10-1-2026 $ 3,600,000 $    3,879,000
Werner FinCo LP 144A   8.75 7-15-2025   4,415,000    4,591,600
            10,226,775
Road & rail: 1.29%          
Uber Technologies Incorporated 144A   4.50 8-15-2029  2,250,000    2,264,456
Uber Technologies Incorporated 144A   8.00 11-1-2026   4,600,000    4,896,240
             7,160,696
Trading companies & distributors: 1.48%          
Fortress Transportation & Infrastructure Investors LLC 144A   5.50 5-1-2028  4,895,000    4,907,238
Fortress Transportation & Infrastructure Investors LLC 144A   6.50 10-1-2025  2,675,000    2,752,709
Fortress Transportation & Infrastructure Investors LLC 144A   9.75 8-1-2027       443,000      498,929
             8,158,876
Information technology: 6.04%          
Communications equipment: 1.12%          
CommScope Incorporated 144A   8.25 3-1-2027  3,750,000    3,821,025
CommScope Technologies LLC 144A   5.00 3-15-2027   2,555,000    2,370,630
             6,191,655
IT services: 1.77%          
Flexential Intermediate Corporation 144A   11.25 8-1-2024  2,465,000    2,612,900
Sabre GLBL Incorporated 144A   9.25 4-15-2025   6,240,000    7,211,318
             9,824,218
Software: 2.67%          
Fair Isaac Corporation 144A   5.25 5-15-2026  2,450,000    2,731,750
IQVIA Incorporated 144A   5.00 5-15-2027 725,000 751,513
MPH Acquisition Holdings LLC 144A   5.50 9-1-2028 1,855,000 1,842,076
MPH Acquisition Holdings LLC 144A   5.75 11-1-2028 5,640,000 5,144,216
NCR Corporation 144A   5.13 4-15-2029 595,000 608,435
NCR Corporation 144A   6.13 9-1-2029 1,825,000 1,960,754
SS&C Technologies Incorporated 144A   5.50 9-30-2027 1,625,000 1,710,313
          14,749,057
Technology hardware, storage & peripherals: 0.48%          
Dell International LLC 144A   7.13 6-15-2024 2,605,000 2,647,175
Materials: 5.45%          
Chemicals: 0.73%          
Chemours Company 144A   4.63 11-15-2029 2,850,000 2,743,125
Olympus Water US Holding Corporation 144A   4.25 10-1-2028 1,290,000 1,268,393
          4,011,518
Containers & packaging: 2.47%          
Berry Global Incorporated 144A   5.63 7-15-2027 350,000 366,576
Crown Cork & Seal Company Incorporated   7.38 12-15-2026 3,475,000 4,274,250
Flex Acquisition Company Incorporated 144A   6.88 1-15-2025 2,700,000 2,727,000
The accompanying notes are an integral part of these financial statements.

Allspring Income Opportunities Fund  |  23


Portfolio of investments—October 31, 2021 (unaudited)

    Interest
rate
Maturity
date
Principal Value
Containers & packaging (continued)          
Flex Acquisition Company Incorporated 144A   7.88% 7-15-2026 $ 1,495,000 $    1,560,690
Owens-Brockway Packaging Incorporated 144A   5.88 8-15-2023  1,300,000    1,368,250
Owens-Brockway Packaging Incorporated 144A   6.38 8-15-2025    750,000      820,313
Sealed Air Corporation 144A   5.13 12-1-2024   2,350,000    2,532,125
            13,649,204
Metals & mining: 1.35%          
Arches Buyer Incorporated 144A   4.25 6-1-2028  1,875,000    1,890,113
Arches Buyer Incorporated 144A   6.13 12-1-2028  1,270,000    1,284,288
Cleveland-Cliffs Incorporated 144A   4.88 3-1-2031    685,000      713,256
Cleveland-Cliffs Incorporated   5.88 6-1-2027  1,530,000    1,591,200
Cleveland-Cliffs Incorporated 144A   9.88 10-17-2025  1,036,000    1,186,220
Kaiser Aluminum Corporation 144A   4.63 3-1-2028       800,000      809,760
             7,474,837
Paper & forest products: 0.90%          
Clearwater Paper Corporation 144A   5.38 2-1-2025    798,000      859,845
Clearwater Paper Corporation 144A   4.75 8-15-2028    290,000      293,988
Vertical US Newco Incorporated 144A   5.25 7-15-2027   3,775,000    3,842,195
             4,996,028
Real estate: 1.78%          
Equity REITs: 1.78%          
Service Properties Trust Company   3.95 1-15-2028  1,860,000    1,729,800
Service Properties Trust Company   4.38 2-15-2030  1,425,000    1,343,063
Service Properties Trust Company   4.75 10-1-2026  1,475,000    1,458,775
Service Properties Trust Company   4.95 2-15-2027 3,700,000 3,644,500
Service Properties Trust Company   5.25 2-15-2026 1,050,000 1,060,500
Service Properties Trust Company   7.50 9-15-2025 550,000 608,682
          9,845,320
Utilities: 5.03%          
Electric utilities: 1.86%          
NextEra Energy Operating Partners LP 144A   4.25 7-15-2024 2,150,000 2,276,205
NextEra Energy Operating Partners LP 144A   4.25 9-15-2024 32,000 33,680
NextEra Energy Operating Partners LP 144A   4.50 9-15-2027 3,450,000 3,690,810
PG&E Corporation   5.00 7-1-2028 475,000 494,000
PG&E Corporation   5.25 7-1-2030 3,630,000 3,792,443
          10,287,138
Independent power & renewable electricity producers: 3.17%          
NSG Holdings LLC 144A   7.75 12-15-2025 4,868,691 5,209,499
TerraForm Power Operating LLC 144A   4.25 1-31-2023 5,225,000 5,329,500
TerraForm Power Operating LLC 144A   4.75 1-15-2030 1,000,000 1,035,980
TerraForm Power Operating LLC 144A   5.00 1-31-2028 2,250,000 2,396,250
Vistra Operations Company LLC 144A   5.63 2-15-2027 3,475,000 3,580,362
          17,551,591
Total Corporate bonds and notes (Cost $572,413,680)         599,899,713
The accompanying notes are an integral part of these financial statements.

24  |  Allspring Income Opportunities Fund


Portfolio of investments—October 31, 2021 (unaudited)

    Interest
rate
Maturity
date
Principal Value
Loans: 11.29%          
Communication services: 1.58%          
Diversified telecommunication services: 0.09%          
Frontier Communications Corporation (1 Month LIBOR +3.75%) ±   4.50% 5-1-2028 $   507,450 $      506,435
Media: 1.30%          
Clear Channel Outdoor Holdings (1 Month LIBOR +3.50%) ±   3.63 8-21-2026    990,271      973,734
DIRECTV Financing LLC (1 Month LIBOR +5.00%) <±   5.75 7-22-2027  3,645,000    3,646,750
Hubbard Radio LLC (3 Month LIBOR +4.25%) ±   5.25 3-28-2025   2,567,956    2,566,877
             7,187,361
Wireless telecommunication services: 0.19%          
Consolidated Communications Holdings Incorporated (1 Month LIBOR +3.50%) ±   4.25 10-2-2027  1,047,000    1,046,759
Consumer discretionary: 1.19%          
Auto components: 0.33%          
Truck Hero Incorporated (1 Month LIBOR +3.25%) ±   4.00 1-31-2028  1,850,351    1,841,525
Hotels, restaurants & leisure: 0.11%          
CCM Merger Incorporated (1 Month LIBOR +3.75%) ±   4.50 11-4-2025    575,527      575,527
Household durables: 0.33%          
Wilsonart LLC (1 Month LIBOR +3.50%) ±   4.50 12-19-2026  1,835,775    1,836,932
Specialty retail: 0.42%          
Great Outdoors Group LLC (1 Month LIBOR +4.25%) ±   5.00 3-6-2028  2,317,500    2,322,807
Energy: 0.32%          
Oil, gas & consumable fuels: 0.32%          
GIP II Blue Holdings LP (1 Month LIBOR +4.50%) ±   5.50 9-29-2028  1,755,000    1,758,299
Financials: 2.66%          
Diversified financial services: 1.87%          
Mallinckrodt International Finance SA (3 Month LIBOR +5.25%) ±   6.00 9-24-2024 3,644,086 3,385,465
Resolute Investment Managers Incorporated (1 Month LIBOR +3.75%) ‡±   5.25 4-30-2024 401,132 401,132
Resolute Investment Managers Incorporated (1 Month LIBOR +8.00%) ‡±   9.00 4-30-2025 1,786,861 1,791,328
Russell Investments US Institutional Holdco Incorporated (1 Month LIBOR +3.50%) ±   4.50 5-30-2025 2,780,000 2,789,563
Stonepeak Lonestar Holdings LLC (1 Month LIBOR +4.50%) ±   4.62 10-19-2026 1,996,129 2,000,401
          10,367,889
Insurance: 0.79%          
Asurion LLC (1 Month LIBOR +5.25%) ±   5.34 1-31-2028 2,820,000 2,808,410
Asurion LLC (1 Month LIBOR +5.25%) ±   5.34 1-20-2029 815,000 811,096
Broadstreet Partners Incorporated (1 Month LIBOR +3.25%) ±   3.75 9-15-2028 755,000 750,281
          4,369,787
The accompanying notes are an integral part of these financial statements.

Allspring Income Opportunities Fund  |  25


Portfolio of investments—October 31, 2021 (unaudited)

    Interest
rate
Maturity
date
Principal Value
Health care: 1.60%          
Health care equipment & supplies: 0.40%          
Surgery Center Holdings Incorporated (1 Month LIBOR +3.75%) ±   4.50% 8-31-2026 $ 2,228,003 $   2,232,036
Health care providers & services: 0.93%          
Medrisk Incorporated (1 Month LIBOR +3.75%) ±   4.50 5-10-2028  1,810,000    1,810,380
National Mentor Holdings Incorporated (1 Month LIBOR +3.75%) ±   3.75 3-2-2028    104,426      103,730
National Mentor Holdings Incorporated (1 Month LIBOR +3.75%) ±   4.50 3-2-2028  2,244,101    2,229,133
National Mentor Holdings Incorporated (1 Month LIBOR +3.75%) ±   4.50 3-2-2028     70,845       70,373
Padagis LLC (1 Month LIBOR +4.75%) ‡±   5.25 7-6-2028       940,000      941,175
             5,154,791
Health care technology: 0.27%          
Project Ruby Ultimate Parent Corporation (1 Month LIBOR +3.25%) ±   4.00 3-3-2028  1,462,650    1,460,412
Industrials: 2.33%          
Airlines: 0.95%          
Mileage Plus Holdings LLC (1 Month LIBOR +5.25%) ±   6.25 6-21-2027  4,055,000    4,316,061
United Airlines Incorporated (1 Month LIBOR +3.75%) ±   4.50 4-21-2028       925,350      937,740
             5,253,801
Commercial services & supplies: 0.75%          
Polaris Newco LLC (1 Month LIBOR +4.00%) ±   4.50 6-2-2028  3,620,000    3,626,950
Ring Container Technologies (1 Month LIBOR +3.75%) ±   4.25 8-12-2028       510,000      510,893
             4,137,843
Machinery: 0.63%          
Alliance Laundry Systems LLC (1 Month LIBOR +3.50%) ±   4.25 10-8-2027    652,888      654,050
Werner FinCo LP (3 Month LIBOR +4.00%) ‡±   5.00 7-24-2024   2,813,023    2,813,023
          3,467,073
Information technology: 0.98%          
IT services: 0.60%          
Flexential Intermediate Corporation (3 Month LIBOR +3.50%) ±   3.59 8-1-2024 492,308 472,926
Flexential Intermediate Corporation (3 Month LIBOR +7.25%) ±   7.33 8-1-2025 3,125,000 2,880,219
          3,353,145
Software: 0.38%          
Emerald Topco Incorporated (1 Month LIBOR +3.50%) ±   3.63 7-24-2026 2,107,000 2,090,671
Materials: 0.63%          
Containers & packaging: 0.29%          
Flex Acquisition Company Incorporated (1 Month LIBOR +3.50%) ±   4.00 2-23-2028 1,605,930 1,601,016
The accompanying notes are an integral part of these financial statements.

26  |  Allspring Income Opportunities Fund


Portfolio of investments—October 31, 2021 (unaudited)

    Interest
rate
Maturity
date
Principal Value
Paper & forest products: 0.34%          
Clearwater Paper Corporation (1 Month LIBOR +3.00%) ‡±   3.13% 7-26-2026 $   141,312 $      140,959
Vertical US Newco Incorporated (1 Month LIBOR +3.50%) ±   4.00 7-30-2027   1,752,366    1,754,557
             1,895,516
Total Loans (Cost $61,211,965)           62,459,625
Yankee corporate bonds and notes: 10.91%          
Communication services: 1.67%          
Diversified telecommunication services: 0.81%          
Intelsat Jackson Holdings SA    5.50 8-1-2023  8,490,000    4,266,225
Intelsat Jackson Holdings SA 144A   8.00 2-15-2024       225,000      230,063
             4,496,288
Media: 0.11%          
Virgin Media Finance plc 144A   5.00 7-15-2030    625,000      621,461
Wireless telecommunication services: 0.75%          
Connect U.S. Finco LLC 144A   6.75 10-1-2026  1,775,000    1,841,563
Telesat Canada 144A   5.63 12-6-2026  1,105,000    1,031,462
VMED O2 UK Financing I plc 144A   4.75 7-15-2031   1,250,000    1,256,250
             4,129,275
Energy: 1.60%          
Oil, gas & consumable fuels: 1.60%          
Baytex Energy Corporation 144A   8.75 4-1-2027  4,175,000    4,456,813
Northriver Midstream Finance LP 144A   5.63 2-15-2026   4,255,000    4,393,288
             8,850,101
Financials: 0.35%          
Diversified financial services: 0.35%          
Castlelake Aviation Finance 144A   5.00 4-15-2027 1,925,000 1,919,591
Health care: 2.25%          
Biotechnology: 0.18%          
Grifols Escrow Issuer SA 144A   4.75 10-15-2028 970,000 984,550
Pharmaceuticals: 2.07%          
Bausch Health Companies Incorporated 144A   4.88 6-1-2028 1,095,000 1,127,631
Bausch Health Companies Incorporated 144A   5.25 1-30-2030 1,795,000 1,620,031
Bausch Health Companies Incorporated 144A   5.50 11-1-2025 925,000 939,865
Bausch Health Companies Incorporated 144A   6.13 4-15-2025 3,160,000 3,218,523
Bausch Health Companies Incorporated 144A   6.25 2-15-2029 1,300,000 1,259,375
Bausch Health Companies Incorporated 144A   7.00 1-15-2028 350,000 354,422
Bausch Health Companies Incorporated 144A   7.25 5-30-2029 175,000 177,364
Teva Pharmaceutical Finance Netherlands III BV    6.00 4-15-2024 1,615,000 1,693,731
Teva Pharmaceutical Finance Netherlands III BV    6.75 3-1-2028 1,000,000 1,095,000
          11,485,942
The accompanying notes are an integral part of these financial statements.

Allspring Income Opportunities Fund  |  27


Portfolio of investments—October 31, 2021 (unaudited)

    Interest
rate
Maturity
date
Principal Value
Industrials: 4.97%          
Aerospace & defense: 0.94%          
Bombardier Incorporated 144A   6.00% 2-15-2028 $   560,000 $      564,900
Bombardier Incorporated 144A   7.13 6-15-2026    830,000      870,463
Bombardier Incorporated 144A   7.88 4-15-2027   3,635,000    3,778,037
             5,213,400
Airlines: 1.38%          
Air Canada 144A   3.88 8-15-2026  1,125,000    1,139,063
Air Canada 2020-1 Class C Pass-Through Trust 144A   10.50 7-15-2026   5,280,000    6,481,200
             7,620,263
Commercial services & supplies: 0.90%          
Ritchie Brothers Auctioneers Incorporated 144A   5.38