Portfolio of investments—March 31, 2024 (unaudited)
Portfolio of investments
Interest rate | Maturity date | Principal | Value | |||
Municipal obligations: 99.04% | ||||||
Alabama: 0.88% | ||||||
Education revenue: 0.88% | ||||||
Jacksonville Public Educational Building Authority Foundation Project Series A (AGM Insured) | 5.00 % | 8-1-2054 | $ | 1,200,000 | $1,260,455 | |
Arizona: 1.01% | ||||||
Education revenue: 0.41% | ||||||
IDA of the City of Phoenix Arizona Legacy Traditional School Obligated Group Series A144A | 6.50 | 7-1-2034 | 500,000 | 502,867 | ||
IDA of the County of Pima Partnership with Parents, Inc. | 6.00 | 5-1-2024 | 85,000 | 85,112 | ||
587,979 | ||||||
Health revenue: 0.60% | ||||||
Tempe IDA Mirabella at ASU, Inc. Series A144A | 6.13 | 10-1-2052 | 1,400,000 | 844,965 | ||
1,432,944 | ||||||
Arkansas: 0.72% | ||||||
Industrial development revenue: 0.72% | ||||||
Arkansas Development Finance Authority United States Steel Corp. AMT | 5.45 | 9-1-2052 | 1,000,000 | 1,020,533 | ||
California: 3.83% | ||||||
Airport revenue: 0.69% | ||||||
California Municipal Finance Authority LAX Integrated Express Solutions LLC Series A AMT | 5.00 | 12-31-2043 | 1,000,000 | 990,501 | ||
Education revenue: 0.15% | ||||||
California Infrastructure & Economic Development Bank WFCS Holdings II LLC Series A-1144A | 5.00 | 1-1-2056 | 250,000 | 209,456 | ||
Health revenue: 0.32% | ||||||
California PFA Kendal at Sonoma Obligated Group Series A144A | 5.00 | 11-15-2046 | 500,000 | 451,088 | ||
Housing revenue: 1.06% | ||||||
California Community Housing Agency Creekwood Apartments Series A144A | 4.00 | 2-1-2056 | 500,000 | 336,709 | ||
California Statewide CDA Community Improvement Authority 1818 Platinum Triangle-Anaheim Series B144A | 4.00 | 4-1-2057 | 500,000 | 360,928 | ||
Compton PFA144A | 4.00 | 9-1-2027 | 815,000 | 811,635 | ||
1,509,272 | ||||||
Tax revenue: 0.63% | ||||||
San Francisco City & County Redevelopment Successor Agency Mission Bay South Project Series D CAB144A¤ | 0.00 | 8-1-2026 | 1,000,000 | 896,727 | ||
Tobacco revenue: 0.24% | ||||||
Tobacco Securitization Authority of Northern California Sacramento County Tobacco Securitization Corp. Class 2 Series B2 CAB¤ | 0.00 | 6-1-2060 | 2,000,000 | 347,314 | ||
See accompanying notes to portfolio of investments
Allspring High Yield Municipal Bond Fund | 1
Portfolio of investments—March 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Utilities revenue: 0.74% | ||||||
California Community Choice Financing Authority Series Cøø | 5.25 % | 1-1-2054 | $ | 1,000,000 | $1,053,767 | |
5,458,125 | ||||||
Colorado: 5.82% | ||||||
Education revenue: 0.31% | ||||||
Colorado ECFA New Summit Academy Series A144A | 4.00 | 7-1-2061 | 600,000 | 437,309 | ||
GO revenue: 4.46% | ||||||
Berthoud-Heritage Metropolitan District No. 10 Series A | 4.75 | 12-1-2052 | 500,000 | 416,831 | ||
Clear Creek Transit Metropolitan District No. 2 Series A | 5.00 | 12-1-2050 | 1,000,000 | 843,180 | ||
Cornerstar Metropolitan District Series A | 5.25 | 12-1-2047 | 1,000,000 | 987,562 | ||
Cottonwood Highlands Metropolitan District No. 1 Series A | 5.00 | 12-1-2049 | 898,000 | 863,480 | ||
Denver International Business Center Metropolitan District No. 1 | 6.00 | 12-1-2048 | 1,145,000 | 1,153,948 | ||
Murphy Creek Metropolitan District No. 5 Series A | 6.00 | 12-1-2052 | 1,000,000 | 1,003,207 | ||
Pronghorn Valley Metropolitan District Series A | 4.00 | 12-1-2051 | 250,000 | 194,263 | ||
Westgate Metropolitan District | 5.13 | 12-1-2051 | 1,000,000 | 885,824 | ||
6,348,295 | ||||||
Tax revenue: 0.70% | ||||||
Pueblo Urban Renewal Authority Sales Tax Revenue | 5.00 | 6-1-2036 | 1,000,000 | 993,162 | ||
Transportation revenue: 0.35% | ||||||
Colorado High Performance Transportation Enterprise Plenary Roads Denver LLC AMT | 5.75 | 1-1-2044 | 500,000 | 500,739 | ||
8,279,505 | ||||||
Connecticut: 0.70% | ||||||
Education revenue: 0.70% | ||||||
Connecticut State HEFA Yale University Series Aø | 4.20 | 7-1-2042 | 1,000,000 | 1,000,000 | ||
Delaware: 1.10% | ||||||
Health revenue: 1.10% | ||||||
Roanoke County EDA ACTS Retirement-Life Communities, Inc. Obligated Group Series B | 5.25 | 11-15-2053 | 1,500,000 | 1,563,708 | ||
District of Columbia: 1.01% | ||||||
Education revenue: 0.71% | ||||||
District of Columbia Rocketship DC Obligated Group Series A | 5.75 | 6-1-2054 | 1,000,000 | 1,009,234 | ||
Tobacco revenue: 0.30% | ||||||
District of Columbia Tobacco Settlement Financing Corp. | 6.75 | 5-15-2040 | 420,000 | 432,639 | ||
1,441,873 | ||||||
Florida: 6.65% | ||||||
Education revenue: 3.59% | ||||||
Capital Projects Finance Authority Series A144A | 7.00 | 6-15-2030 | 1,000,000 | 1,044,451 | ||
Capital Trust Agency, Inc. Pineapple Cove Classical Academy, Inc. Series A144A | 5.13 | 7-1-2039 | 2,000,000 | 1,953,324 | ||
Capital Trust Authority Kipp Miami Obligated Group Series A144A | 6.00 | 6-15-2054 | 655,000 | 670,250 | ||
See accompanying notes to portfolio of investments
2 | Allspring High Yield Municipal Bond Fund
Portfolio of investments—March 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Education revenue(continued) | ||||||
Florida Development Finance Corp. Global Outreach Charter Academy Obligated Group Series A144A | 4.00 % | 6-30-2056 | $ | 625,000 | $440,115 | |
Miami-Dade County IDA Youth Co-Op, Inc. Series A144A | 6.00 | 9-15-2045 | 1,000,000 | 1,004,229 | ||
5,112,369 | ||||||
Health revenue: 1.31% | ||||||
Holmes County Hospital Corp. | 6.00 | 11-1-2038 | 250,000 | 221,570 | ||
Lee County IDA Cypress Cove at Healthpark Florida Obligated Group Series A | 5.25 | 10-1-2052 | 1,000,000 | 870,076 | ||
St. Johns County IDA Life Care Ponte Vedra Obligated Group Series A | 4.00 | 12-15-2046 | 1,000,000 | 762,884 | ||
1,854,530 | ||||||
Miscellaneous revenue: 1.46% | ||||||
Village Community Development District No. 14 Series 2022 Phase I Special Assesment | 5.13 | 5-1-2037 | 990,000 | 1,044,636 | ||
Village Community Development District No. 15 Series 2023 Phase I Special Assesment144A | 5.25 | 5-1-2054 | 1,000,000 | 1,036,050 | ||
2,080,686 | ||||||
Water & sewer revenue: 0.29% | ||||||
Charlotte County IDA MSKP Town & Country Utility LLC Series A AMT144A | 4.00 | 10-1-2051 | 500,000 | 416,066 | ||
9,463,651 | ||||||
Georgia: 3.44% | ||||||
Housing revenue: 0.56% | ||||||
Development Authority of Cobb County Kennesaw State University Real Estate Obligated Group 2015 ABC Series C | 5.00 | 7-15-2028 | 800,000 | 801,529 | ||
Industrial development revenue: 0.93% | ||||||
George L Smith II Congress Center Authority Signia Hotel Management LLC Series B144A | 5.00 | 1-1-2054 | 1,460,000 | 1,318,645 | ||
Utilities revenue: 1.95% | ||||||
Main Street Natural Gas, Inc. Series A | 5.00 | 5-15-2049 | 1,610,000 | 1,710,780 | ||
Municipal Electric Authority of Georgia Plant Vogtle Units 3&4 Project Series A | 5.50 | 7-1-2064 | 1,000,000 | 1,060,643 | ||
2,771,423 | ||||||
4,891,597 | ||||||
Guam: 0.35% | ||||||
Airport revenue: 0.35% | ||||||
Antonio B Won Pat International Airport Authority Series A AMT | 5.38 | 10-1-2043 | 500,000 | 502,914 | ||
Idaho: 0.18% | ||||||
Education revenue: 0.18% | ||||||
Idaho Housing & Finance Association Legacy Public Charter School, Inc. Series A | 6.25 | 5-1-2043 | 250,000 | 250,182 | ||
See accompanying notes to portfolio of investments
Allspring High Yield Municipal Bond Fund | 3
Portfolio of investments—March 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Illinois: 6.56% | ||||||
Education revenue: 0.90% | ||||||
Illinois Finance Authority Acero Charter Schools, Inc. Obligated Group144A | 4.00 % | 10-1-2042 | $ | 250,000 | $208,088 | |
Illinois Finance Authority AIM Art in Motion Series A144A | 5.00 | 7-1-2051 | 1,000,000 | 734,121 | ||
Illinois Finance Authority Intrinsic Schools Series A144A | 5.25 | 12-1-2025 | 345,000 | 345,480 | ||
1,287,689 | ||||||
GO revenue: 3.51% | ||||||
Chicago Board of Education Dedicated Capital Improvement Tax | 5.75 | 4-1-2048 | 500,000 | 557,175 | ||
Chicago Board of Education Series A (NPFGC Insured)¤ | 0.00 | 12-1-2025 | 500,000 | 467,424 | ||
City of Chicago Series A | 5.50 | 1-1-2041 | 500,000 | 535,617 | ||
City of Chicago Series A | 5.50 | 1-1-2043 | 500,000 | 532,490 | ||
City of Chicago Series A | 6.00 | 1-1-2038 | 1,500,000 | 1,570,841 | ||
Will County Community High School District No. 210 Lincoln-Way Series B CAB (BAM Insured)¤ | 0.00 | 1-1-2027 | 685,000 | 617,311 | ||
Will County Community High School District No. 210 Lincoln-Way Series B CAB (BAM Insured)¤ | 0.00 | 1-1-2033 | 1,000,000 | 715,003 | ||
4,995,861 | ||||||
Housing revenue: 0.72% | ||||||
Metropolitan Pier & Exposition Authority Series A | 5.00 | 6-15-2050 | 1,000,000 | 1,027,194 | ||
Miscellaneous revenue: 0.48% | ||||||
Illinois Finance Authority Rogers Park Montessori School | 6.00 | 2-1-2034 | 680,000 | 680,223 | ||
Tax revenue: 0.95% | ||||||
Village of Hillside Mannheim Redevelopment Project Area | 5.00 | 1-1-2030 | 1,345,000 | 1,353,618 | ||
9,344,585 | ||||||
Indiana: 2.61% | ||||||
Education revenue: 1.47% | ||||||
Indiana Finance Authority DePauw University Series A | 5.00 | 7-1-2047 | 2,055,000 | 2,089,556 | ||
Industrial development revenue: 1.14% | ||||||
Indianapolis Local Public Improvement Bond Bank Series E | 6.00 | 3-1-2053 | 1,500,000 | 1,622,866 | ||
3,712,422 | ||||||
Iowa: 1.75% | ||||||
Health revenue: 1.41% | ||||||
Iowa Finance Authority Health System Obligated Group Series Eø | 4.30 | 2-15-2041 | 2,000,000 | 2,000,000 | ||
Tobacco revenue: 0.34% | ||||||
Iowa Tobacco Settlement Authority Class 2 Series B-2 CAB¤ | 0.00 | 6-1-2065 | 3,490,000 | 485,428 | ||
2,485,428 | ||||||
Kansas: 1.47% | ||||||
Health revenue: 0.63% | ||||||
Kansas Development Finance Authority Village Shalom Obligated Group Series A | 5.25 | 11-15-2033 | 1,000,000 | 890,482 | ||
See accompanying notes to portfolio of investments
4 | Allspring High Yield Municipal Bond Fund
Portfolio of investments—March 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Tax revenue: 0.84% | ||||||
Wyandotte County-Kansas City Unified Government Sales Tax Revenue | 4.00 % | 12-1-2028 | $ | 165,000 | $155,573 | |
Wyandotte County-Kansas City Unified Government Sales Tax Revenue CAB144A¤ | 0.00 | 9-1-2034 | 2,490,000 | 1,044,932 | ||
1,200,505 | ||||||
2,090,987 | ||||||
Kentucky: 0.67% | ||||||
Health revenue: 0.67% | ||||||
Kentucky EDFA Kenton Housing Obligated Group | 5.50 | 11-15-2035 | 1,000,000 | 952,095 | ||
Louisiana: 0.93% | ||||||
Airport revenue: 0.93% | ||||||
New Orleans Aviation Board Louis Armstrong New Orleans International Airport Series B AMT | 5.00 | 1-1-2048 | 1,305,000 | 1,320,152 | ||
Maryland: 1.68% | ||||||
Tax revenue: 0.29% | ||||||
Maryland Economic Development Corp. City of Baltimore Port Covington Development District | 4.00 | 9-1-2050 | 500,000 | 411,577 | ||
Transportation revenue: 1.39% | ||||||
Maryland Economic Development Corp. Purple Line Transit Partners LLC Series B AMT | 5.25 | 6-30-2055 | 1,900,000 | 1,982,843 | ||
2,394,420 | ||||||
Massachusetts: 0.65% | ||||||
Health revenue: 0.65% | ||||||
Massachusetts Development Finance Agency Salem Community Corp. Obligated Group | 5.13 | 1-1-2040 | 1,000,000 | 932,786 | ||
Michigan: 2.17% | ||||||
Education revenue: 0.28% | ||||||
Michigan Finance Authority Bradford Academy | 4.80 | 9-1-2040 | 150,000 | 126,636 | ||
Michigan Public Educational Facilities Authority Crescent Academy | 7.00 | 10-1-2036 | 277,500 | 277,654 | ||
404,290 | ||||||
Miscellaneous revenue: 1.50% | ||||||
Michigan Finance Authority City of Detroit Income Tax Revenue Series F1 | 4.50 | 10-1-2029 | 1,000,000 | 1,002,068 | ||
Michigan Finance Authority Detroit Public Lighting Authority Utility Users Tax Revenue Series B | 5.00 | 7-1-2044 | 1,000,000 | 1,000,700 | ||
Michigan Public Educational Facilities Authority Chandler Park Academy | 6.35 | 11-1-2028 | 130,000 | 130,074 | ||
2,132,842 | ||||||
See accompanying notes to portfolio of investments
Allspring High Yield Municipal Bond Fund | 5
Portfolio of investments—March 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Tax revenue: 0.39% | ||||||
Detroit Downtown Development Authority Area No. 1¤ | 0.00 % | 7-1-2024 | $ | 20,000 | $19,712 | |
Detroit Downtown Development Authority Area No. 1¤ | 0.00 | 7-1-2025 | 580,000 | 539,943 | ||
559,655 | ||||||
3,096,787 | ||||||
Minnesota: 2.77% | ||||||
Education revenue: 1.92% | ||||||
City of Deephaven Eagle Ridge Academy Series A | 4.40 | 7-1-2025 | 45,000 | 44,954 | ||
City of Deephaven Eagle Ridge Academy Series A | 5.00 | 7-1-2030 | 195,000 | 196,698 | ||
City of Ramsey PACT Charter School Series A | 5.00 | 6-1-2032 | 1,000,000 | 1,008,987 | ||
City of St. Cloud Athlos Academy Series A144A | 5.25 | 6-1-2032 | 1,000,000 | 1,001,241 | ||
City of Woodbury Leadership Academy Series A | 4.00 | 7-1-2051 | 660,000 | 476,246 | ||
2,728,126 | ||||||
Health revenue: 0.33% | ||||||
City of Shakopee Senior Housing Revenue Benedictine Living Community of Shakopee LLC144Aøø | 5.85 | 11-1-2058 | 490,000 | 477,416 | ||
Housing revenue: 0.52% | ||||||
City of Minneapolis Riverton Community Housing | 4.70 | 8-1-2026 | 335,000 | 335,003 | ||
City of Minneapolis Riverton Community Housing | 4.80 | 8-1-2027 | 400,000 | 400,290 | ||
735,293 | ||||||
3,940,835 | ||||||
Missouri: 0.31% | ||||||
Tax revenue: 0.31% | ||||||
City of Richmond Heights | 5.63 | 11-1-2025 | 455,000 | 448,211 | ||
New Hampshire: 1.29% | ||||||
Education revenue: 0.75% | ||||||
New Hampshire Business Finance Authority University of Nevada Reno Series A (BAM Insured) | 4.50 | 6-1-2053 | 1,075,000 | 1,066,321 | ||
Health revenue: 0.54% | ||||||
New Hampshire Business Finance Authority Presbyterian Homes Obligated Group Series A | 5.25 | 7-1-2048 | 750,000 | 774,769 | ||
1,841,090 | ||||||
New Jersey: 3.24% | ||||||
Airport revenue: 0.36% | ||||||
New Jersey EDA Port Newark Container Terminal LLC AMT | 5.00 | 10-1-2047 | 500,000 | 507,844 | ||
Education revenue: 1.19% | ||||||
Camden County Improvement Authority Camden Prep, Inc.144A | 5.00 | 7-15-2042 | 1,175,000 | 1,187,914 | ||
Passaic County Improvement Authority Paterson Arts & Science Charter School | 5.38 | 7-1-2053 | 500,000 | 510,137 | ||
1,698,051 | ||||||
See accompanying notes to portfolio of investments
6 | Allspring High Yield Municipal Bond Fund
Portfolio of investments—March 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Housing revenue: 0.71% | ||||||
New Jersey TTFA Series C | 5.25 % | 6-15-2032 | $ | 1,000,000 | $1,010,601 | |
Industrial development revenue: 0.17% | ||||||
New Jersey EDA United Airlines, Inc. | 5.25 | 9-15-2029 | 250,000 | 250,529 | ||
Transportation revenue: 0.81% | ||||||
South Jersey Transportation Authority Series A | 5.25 | 11-1-2052 | 1,075,000 | 1,147,634 | ||
4,614,659 | ||||||
New York: 14.78% | ||||||
Airport revenue: 4.91% | ||||||
New York Transportation Development Corp. Delta Air Lines, Inc. AMT | 5.63 | 4-1-2040 | 1,000,000 | 1,090,885 | ||
New York Transportation Development Corp. JFK International Air Terminal LLC AMT | 5.00 | 12-1-2041 | 1,660,000 | 1,765,717 | ||
New York Transportation Development Corp. JFK NTO LLC AMT | 6.00 | 6-30-2054 | 1,000,000 | 1,108,242 | ||
New York Transportation Development Corp. JFK NTO LLC AMT (AGM Insured) | 5.13 | 6-30-2060 | 1,000,000 | 1,045,926 | ||
New York Transportation Development Corp. LaGuardia Gateway Partners LLC Series A AMT | 5.25 | 1-1-2050 | 1,000,000 | 1,000,762 | ||
New York Transportation Development Corp. LaGuardia Gateway Partners LLC Series A AMT | 5.00 | 7-1-2046 | 1,000,000 | 985,094 | ||
6,996,626 | ||||||
Education revenue: 6.09% | ||||||
Build NYC Resource Corp. East Harlem Scholars Academy Charter School Obligated Group144A | 5.75 | 6-1-2052 | 1,000,000 | 1,031,798 | ||
Build NYC Resource Corp. Hellenic Classical Charter Schools Series A144A | 5.00 | 12-1-2041 | 1,200,000 | 1,121,082 | ||
Build NYC Resource Corp. South Bronx Charter School For International Cultures & The Arts Series A144A | 7.00 | 4-15-2053 | 2,000,000 | 2,143,645 | ||
Hempstead Town Local Development Corp. Academy Charter School Series A | 4.60 | 2-1-2051 | 500,000 | 383,183 | ||
Hempstead Town Local Development Corp. Academy Charter School Series A | 5.73 | 2-1-2050 | 1,000,000 | 925,258 | ||
Hempstead Town Local Development Corp. Evergreen Charter School Series A | 5.25 | 6-15-2052 | 2,000,000 | 1,996,913 | ||
New York State Dormitory Authority St. Joseph’s University/Brooklyn | 4.00 | 7-1-2035 | 400,000 | 371,594 | ||
New York State Dormitory Authority St. Joseph’s University/Brooklyn | 5.00 | 7-1-2051 | 750,000 | 691,554 | ||
8,665,027 | ||||||
Health revenue: 0.69% | ||||||
Westchester County Local Development Corp. Health Care Corp. Obligated Group | 5.00 | 11-1-2046 | 1,000,000 | 985,011 | ||
Miscellaneous revenue: 0.72% | ||||||
Suffolk Regional Off-Track Betting Co.%% | 6.00 | 12-1-2053 | 1,000,000 | 1,017,801 | ||
See accompanying notes to portfolio of investments
Allspring High Yield Municipal Bond Fund | 7
Portfolio of investments—March 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Tax revenue: 1.08% | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue Series E1 | 3.00 % | 2-1-2051 | $ | 1,000,000 | $767,854 | |
New York State Dormitory Authority Personal Income Tax Revenue Series A | 3.00 | 3-15-2050 | 1,000,000 | 774,048 | ||
1,541,902 | ||||||
Tobacco revenue: 0.18% | ||||||
Suffolk Tobacco Asset Securitization Corp. Series B2 CAB¤ | 0.00 | 6-1-2066 | 2,500,000 | 260,054 | ||
Transportation revenue: 1.11% | ||||||
Metropolitan Transportation Authority Series C-1 | 5.25 | 11-15-2055 | 1,500,000 | 1,573,139 | ||
21,039,560 | ||||||
North Dakota: 0.83% | ||||||
Health revenue: 0.83% | ||||||
City of Grand Forks Altru Health System Obligated Group Series A (AGM Insured) | 5.00 | 12-1-2053 | 1,125,000 | 1,176,140 | ||
Ohio: 3.85% | ||||||
Education revenue: 1.22% | ||||||
Ohio Higher Educational Facility Commission Capital University | 6.00 | 9-1-2052 | 1,250,000 | 1,231,563 | ||
Ohio Higher Educational Facility Commission Cleveland Institute of Music | 5.38 | 12-1-2052 | 500,000 | 504,284 | ||
1,735,847 | ||||||
Housing revenue: 1.40% | ||||||
State of Ohio Department of Transportation Series A AMT | 5.00 | 6-30-2053 | 2,000,000 | 1,984,143 | ||
Tobacco revenue: 1.23% | ||||||
Buckeye Tobacco Settlement Financing Authority Class 2 Series B-2 | 5.00 | 6-1-2055 | 975,000 | 922,026 | ||
Buckeye Tobacco Settlement Financing Authority Class 2 Series B-3 CAB¤ | 0.00 | 6-1-2057 | 8,000,000 | 832,685 | ||
1,754,711 | ||||||
5,474,701 | ||||||
Oregon: 0.17% | ||||||
Health revenue: 0.17% | ||||||
Polk County Hospital Facility Authority Dallas Mennonite Retirement Community Obligated Group Series A | 5.00 | 7-1-2025 | 235,000 | 236,422 | ||
Pennsylvania: 3.49% | ||||||
Education revenue: 0.51% | ||||||
Philadelphia IDA Independence Charter School West | 5.00 | 6-15-2039 | 750,000 | 722,108 | ||
Health revenue: 2.41% | ||||||
Lancaster County Hospital Authority Penn State Health Obligated Group | 5.00 | 11-1-2051 | 1,000,000 | 1,031,330 | ||
Montgomery County Higher Education & Health Authority Thomas Jefferson University Obligated Group Series Dø | 4.45 | 9-1-2050 | 1,000,000 | 1,000,000 | ||
See accompanying notes to portfolio of investments
8 | Allspring High Yield Municipal Bond Fund
Portfolio of investments—March 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Health revenue(continued) | ||||||
Pennsylvania EDFA Presbyterian Homes Obligated Group Series B-1 | 5.25 % | 7-1-2049 | $ | 500,000 | $515,480 | |
Quakertown General Authority LifeQuest Obligated Group Series C | 5.30 | 7-1-2042 | 1,000,000 | 887,389 | ||
3,434,199 | ||||||
Miscellaneous revenue: 0.57% | ||||||
Chester County IDA Woodlands at Greystone Neighborhood Improvement District144A## | 5.13 | 3-1-2048 | 846,000 | 806,104 | ||
4,962,411 | ||||||
Puerto Rico: 0.70% | ||||||
Tax revenue: 0.70% | ||||||
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Series A-1 | 5.00 | 7-1-2058 | 1,000,000 | 1,002,957 | ||
South Carolina: 1.76% | ||||||
Education revenue: 1.06% | ||||||
South Carolina Jobs-EDA Columbia College/SC Obligated Group Series A | 5.75 | 10-1-2045 | 500,000 | 480,349 | ||
South Carolina Jobs-EDA Riverwalk Academy Series A144A | 7.00 | 6-15-2043 | 1,000,000 | 1,035,490 | ||
1,515,839 | ||||||
Health revenue: 0.61% | ||||||
South Carolina Jobs-EDA Episcopal Home at Still Hopes Obligated Group Series A | 5.00 | 4-1-2048 | 1,000,000 | 863,569 | ||
Resource recovery revenue: 0.09% | ||||||
South Carolina Jobs-EDA RePower South Berkeley LLC† | 8.00 | 12-6-2029 | 100,000 | 80,000 | ||
South Carolina Jobs-EDA RePower South Berkeley LLC Series A AMT144A♦‡† | 6.25 | 2-1-2045 | 1,000,000 | 50,000 | ||
130,000 | ||||||
2,509,408 | ||||||
Tennessee: 1.76% | ||||||
Housing revenue: 0.95% | ||||||
Knox County Health Educational & Housing Facility Board Provident Group - UTK Properties LLC Series A-1 (BAM Insured) | 5.25 | 7-1-2049 | 1,250,000 | 1,355,135 | ||
Tax revenue: 0.81% | ||||||
Bristol Industrial Development Board Series B CAB144A¤ | 0.00 | 12-1-2031 | 1,000,000 | 642,551 | ||
Nashville Metropolitan Development & Housing Agency Fifth & Broadway Redevelopment Area144A | 5.13 | 6-1-2036 | 500,000 | 509,713 | ||
1,152,264 | ||||||
2,507,399 | ||||||
Texas: 4.92% | ||||||
Education revenue: 2.25% | ||||||
Arlington Higher Education Finance Corp. LTTS Charter School, Inc. Series A | 7.00 | 3-1-2034 | 320,000 | 320,177 | ||
Arlington Higher Education Finance Corp. School of Excellence in Education Series A144A | 6.38 | 2-15-2052 | 1,500,000 | 1,442,333 | ||
See accompanying notes to portfolio of investments
Allspring High Yield Municipal Bond Fund | 9
Portfolio of investments—March 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Education revenue(continued) | ||||||
Arlington Higher Education Finance Corp. Wayside Schools Series A | 4.00 % | 8-15-2046 | $ | 860,000 | $691,301 | |
Pottsboro Higher Education Finance Corp. Imagine International Academy of North Texas LLC Series A | 3.88 | 8-15-2026 | 765,000 | 747,791 | ||
3,201,602 | ||||||
GO revenue: 0.64% | ||||||
City of Port Isabel144A | 5.10 | 2-15-2049 | 900,000 | 909,413 | ||
Tax revenue: 0.29% | ||||||
Baytown Municipal Development District Convention Center Hotel Revenue Series B144A | 5.00 | 10-1-2050 | 500,000 | 421,652 | ||
Transportation revenue: 1.60% | ||||||
Texas Private Activity Bond Surface Transportation Corp. NTE Mobility Partners Segments 3 LLC AMT | 5.00 | 6-30-2058 | 2,250,000 | 2,275,678 | ||
Utilities revenue: 0.14% | ||||||
SA Energy Acquisition Public Facility Corp. | 5.50 | 8-1-2027 | 190,000 | 196,820 | ||
7,005,165 | ||||||
Utah: 1.81% | ||||||
Education revenue: 0.64% | ||||||
Utah Charter School Finance Authority Freedom Academy Foundation Series A144A | 5.00 | 6-15-2041 | 1,020,000 | 910,389 | ||
Miscellaneous revenue: 0.56% | ||||||
Mida Mountain Village Public Infrastructure District Assessment Area No. 2144A | 4.00 | 8-1-2050 | 1,000,000 | 800,417 | ||
Tax revenue: 0.61% | ||||||
Utah Inland Port Authority Crossroads Public Infrastructure District AJL Project Area144A | 4.38 | 6-1-2052 | 1,000,000 | 867,428 | ||
2,578,234 | ||||||
Virginia: 1.77% | ||||||
Health revenue: 0.36% | ||||||
Roanoke County EDA Richfield Living Obligated Group Series A | 5.38 | 9-1-2054 | 550,000 | 508,809 | ||
Transportation revenue: 1.41% | ||||||
Virginia Small Business Financing Authority I-66 Express Mobility Partners LLC AMT | 5.00 | 12-31-2052 | 2,000,000 | 2,013,529 | ||
2,522,338 | ||||||
Washington: 3.12% | ||||||
Health revenue: 3.12% | ||||||
Jefferson County Public Hospital District No. 2 Series A | 6.88 | 12-1-2053 | 1,500,000 | 1,521,862 | ||
Skagit County Public Hospital District No. 1 City of Shreveport Water & Sewer Revenue | 5.50 | 12-1-2054 | 1,000,000 | 1,061,714 | ||
See accompanying notes to portfolio of investments
10 | Allspring High Yield Municipal Bond Fund
Portfolio of investments—March 31, 2024 (unaudited)
Interest rate | Maturity date | Principal | Value | |||
Health revenue(continued) | ||||||
Washington Health Care Facilities Authority Fred Hutchinson Cancer Center Obligated Group | 5.00 % | 9-1-2050 | $ | 750,000 | $780,672 | |
Washington State Housing Finance Commission Eastside Retirement Association Obligated Group Series A | 5.00 | 7-1-2048 | 1,050,000 | 1,073,417 | ||
4,437,665 | ||||||
West Virginia: 1.08% | ||||||
Tax revenue: 1.08% | ||||||
Monongalia County Commission Excise Tax District Series A144A | 5.75 | 6-1-2043 | 1,500,000 | 1,538,353 | ||
Wisconsin: 7.21% | ||||||
Education revenue: 4.94% | ||||||
PFA Contemporary Science Center, Inc. Series A144A | 5.63 | 7-1-2045 | 1,000,000 | 1,006,298 | ||
PFA Coral Academy of Science Las Vegas Series A | 5.00 | 7-1-2024 | 85,000 | 84,918 | ||
PFA Estancia Valley Classical Academy Series A144A | 4.25 | 7-1-2051 | 1,000,000 | 741,834 | ||
PFA Triad Math & Science Academy Co. | 5.00 | 6-15-2042 | 1,140,000 | 1,111,447 | ||
PFA Triad Math & Science Academy Co. | 5.25 | 6-15-2052 | 1,610,000 | 1,541,521 | ||
PFA Uwharrie Charter Academy Series A144A | 5.00 | 6-15-2042 | 1,310,000 | 1,277,800 | ||
PFA Wilson Preparatory Academy Series A144A | 5.00 | 6-15-2039 | 1,285,000 | 1,264,751 | ||
7,028,569 | ||||||
Health revenue: 1.89% | ||||||
Wisconsin HEFA Series A%% | 5.75 | 8-15-2054 | 1,450,000 | 1,486,298 | ||
Wisconsin HEFA Wisconsin Illinois Senior Housing, Inc. Series A | 5.25 | 8-1-2048 | 1,500,000 | 1,211,509 | ||
2,697,807 | ||||||
Housing revenue: 0.38% | ||||||
PFA Eastern Michigan University Campus Living LLC Series A-1 (BAM Insured) | 5.50 | 7-1-2052 | 500,000 | 545,624 | ||
10,272,000 | ||||||
Total municipal obligations (Cost $146,116,913) | 141,002,697 | |||||
Yield | Shares | |||||
Short-term investments: 1.23% | ||||||
Investment companies: 1.23% | ||||||
Allspring Government Money Market Fund Select Class♠∞## | 5.25 | 1,743,489 | 1,743,489 | |||
Total short-term investments (Cost $1,743,489) | 1,743,489 | |||||
Total investments in securities (Cost $147,860,402) | 100.27 % | 142,746,186 | ||||
Other assets and liabilities, net | (0.27 ) | (377,666 ) | ||||
Total net assets | 100.00 % | $142,368,520 | ||||
See accompanying notes to portfolio of investments
Allspring High Yield Municipal Bond Fund | 11
Portfolio of investments—March 31, 2024 (unaudited)
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
¤ | The security is issued in zero coupon form with no periodic interest payments. |
øø | The interest rate is determined and reset by the issuer periodically depending upon the terms of the security. The rate shown is the rate in effect at period end. |
ø | Variable rate demand notes are subject to a demand feature which reduces the effective maturity. The maturity date shown represents the final maturity date of the security. The interest rate is determined and reset by the issuer daily, weekly, or monthly depending upon the terms of the security. The rate shown is the rate in effect at period end. |
%% | The security is purchased on a when-issued basis. |
## | All or a portion of this security is segregated as collateral for when-issued securities. |
† | Non-income-earning security |
♦ | The security is fair valued in accordance with procedures approved by the Board of Trustees. |
‡ | Security is valued using significant unobservable inputs. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
AGM | Assured Guaranty Municipal |
AMT | Alternative minimum tax |
BAM | Build America Mutual Assurance Company |
CAB | Capital appreciation bond |
CDA | Community Development Authority |
ECFA | Educational & Cultural Facilities Authority |
EDA | Economic Development Authority |
EDFA | Economic Development Finance Authority |
GO | General obligation |
HEFA | Health & Educational Facilities Authority |
IDA | Industrial Development Authority |
NPFGC | National Public Finance Guarantee Corporation |
PFA | Public Finance Authority |
TTFA | Transportation Trust Fund Authority |
Investments in affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | $0 | $11,584,499 | $(9,841,010 ) | $0 | $0 | $1,743,489 | 1,743,489 | $14,966 |
Investments in affiliates no longer held at end of period | ||||||||
Allspring Municipal Cash Management Money Market Fund Institutional Class | 832,351 | 51,427,882 | (52,260,233 ) | 0 | 0 | 0 | 0 | 52,387 |
$0 | $0 | $1,743,489 | $67,353 | |||||
See accompanying notes to portfolio of investments
12 | Allspring High Yield Municipal Bond Fund
Notes to portfolio of investments—March 31, 2024 (unaudited)
Notes to portfolio of investments
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.
Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC (“Allspring Funds Management”), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management’s process for determining the fair value of the portfolio of investments.
When-issued transactions
The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.
Fair valuation measurements
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
•Level 1 – quoted prices in active markets for identical securities
•Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of March 31, 2024:
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Municipal obligations | $0 | $140,952,697 | $50,000 | $141,002,697 |
Short-term investments | ||||
Investment companies | 1,743,489 | 0 | 0 | 1,743,489 |
Total assets | $1,743,489 | $140,952,697 | $50,000 | $142,746,186 |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
At March 31, 2024, the Fund had no material transfers into/out of Level 3.
Allspring High Yield Municipal Bond Fund | 13