One of two verbs (either "to fall" in the Past Tense, or the verb "to fell").
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Asleep is a predicate nominative.
Slipped is a verb. It's the past tense of slip.
Down is a preposition BUT in this sentence it is part of the phrasal verb -- fell down. Sometimes a preposition in a phrasal verb is called a particle
adverb
Yarn is both a singular and plural noun.The ball of yarn fell to the floor.I used red yarn.Yarn comes in all types of colors.